NZD/CAC continues moving down today after producing new lower low. The Fibonacci applied to the first corrective wave up after the support breakout shows that price broke below 161.8% (R1), corrected sharply up to retest the R3 resistance. Currently, it is trading below R1.
The overall trend is bearish and therefore it is recommended to look for sell opportunities . Consider selling NZD/CAD at the current price (0.8780) targeting either S1 (0.8730) or S2 (0.8635) as a final target. The stop loss should be well above R1 (0.8820)
Support: 0.8730, 0.8635
Resistance: 0.8820, 0.8880, 0.8970
