Market Snapshots

NZDCAD Wave Analysis – 7 May, 2020

NZDCAD Wave Analysis – 7 May, 2020
  • NZDCAD reversed from resistance area
  • Likely to fall to 0.8420

NZDCAD recently reversed down from the resistance area lying between the resistance level 0,855 (which has been reversing the price from the middle of March), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse (1) from December.

The downward reversal from this resistance area started the active impulse wave (3).

NZDCAD is expected to fall further toward the next support level 0.8420 (previous support from April).

Article Rating