NZD/CAD may fall 27 - 39 pips

0.8384 is our pivot point.

Our preference

Target 0.8326.

Alternative scenario

The upside breakout of 0.8384, would call for 0.8404 and 0.8416.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (0.8376) but above its 50 period moving average (0.8364). Finally, the NZD/CAD has penetrated its lower Bollinger band (0.8366).

Supports and resistances

0.8416 **

0.8404 *

0.8384 **

0.8376

0.8365 last

0.8338

0.8326 **

0.8314 *

0.8302 **

Number of asterisks represents the strength of support and resistance levels.