NZDCAD currency pair recently reversed from the resistance zone between the multi-month resistance level 0.8258 (which has been reversing the price from February) and the upper daily Bollinger Band.
The downward reversal from this resistance started active minor ABC correction ii which just broke the key support level 0.8120 – that stopped earlier wave iv, b and 2.
NZDCAD currency pair can be expected to fall further to support level 0.8050 (low of the previous minor correction ii).
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NZDCAD currency pair recently reversed down from the resistance zone between the long-term resistance level 0.8260 (which has been reversing the price from last September) and the upper daily Bollinger Band.
The downward reversal from the resistance level 0.8260 created the daily Japanese candlesticks reversal pattern Shooting Star.
Given the strength of the resistance level 0.8260 and the overbought daily Stochastic, NZDCAD currency pair can be expected to fall to the next support level 0.8160.
FxProhttp://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.
