NZD/CAD 4H Chart: Channel Down

Last time the NZD/CAD currency pair was analysed five days ago, and then the pair was in a good position to restart declining in value. It seems that the bears have quite successfully accomplished this goal and commenced a leg down. Provided with a heavy downside impetus from the 200-period SMA at 0.8845 and the monthly pivot point at 0.8793, the pair should initiate an attack on the first weekly demand at 0.8755, which is subsequently followed by two remaining weekly support lines. To reach the green downtrend, the bears have to breach all of them and send the Kiwi as low as 0.8536. A rebound is unlikely until reaching this marker, as 4H and weekly technical signals are also pointing to the south.