At the H4 chart NZDCAD is in a downward trend what is confirmed by a sequence of lower lows and lower highs. Another tool to determine the trend are moving averages EMA on H1 chart (75- and 100-periods) which have direction towards the bottom. Price most of the time is below mentioned EMA-s.

Right now we can see that the price corrects the recent declines in a form of a flag pattern. Test of the upper edge of the formation in connection with resistance around 0.9400 level can likely result in increased activity of the bears. Support is in the area of 0,9300-09320.


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