Market Snapshots

NZDCAD Wave Analysis – 26 August, 2020

NZDCAD Wave Analysis – 26 August, 2020

• NZDCAD reversed from support level 0.8595

• Likely to rise to 0.8700

NZDCAD recently reversed up from the support level 0.8595 (former resistance from May) – standing near the lower daily Bollinger Band.

The support zone near the support level 0.8595 was strengthened by the 38.2% Fibonacci correction level of the previous extended upward price move from last March.

NZDCAD is likely to rise further toward the next resistance level 0.8700 (former support level from June – which stopped previous correction 4).

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