NZDCAD to the last day of recent month amended sharp declines that have taken place since rebound from the channel resistance. For a moment it seemed that adjustment may be even deeper.

However Canadian dollar gaining on the appreciation of the crude, pushed NZDCAD to new lows. It is therefore worth considering joining to the downward trend and there are several places where you can look for such signal.

Nearby horizontal resistances are shown in the chart below marked as areas. Returning back to the SMA 20 and the emergence there of sale signal may also be an opportunity to enter into a short position. In addition there is support channel extending from the low at the end of April, which now provides resistance for price.


The above analysis was carried out on the account with a broker XM, which offers $ 30 to start!

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