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10.06.2021 09:14 AM
NZDCAD testing 1st resistance, potential for reversal!

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Price is testing the 1st resistance, in line with 50% Fibonacci retracement, 127.2% Fibonacci extension, horizontal pullback resistance and descending trendline resistance. We could see a reversal here and further downside towards 1st support, in line with 100%, 127.2% Fibonacci extension and horizontal swing low support. Price is also holding below the descending trendline and moving average resistances, showing signs of bearish pressure in line with our analysis.

Trading Recommendation

Entry: 0.87023

Reason for Entry:

50% Fibonacci retracement, 127.2% Fibonacci extension, horizontal pullback resistance and descending trendline resistance

Take Profit: 0.86303

Reason for Take Profit:

100%, 127.2% Fibonacci extension and horizontal swing low support

Stop Loss: 0.87491

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing high resistance

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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