NZDCAD Wave Analysis – 13 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 0.8550 (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 from December.

The downward reversal from this resistance area is in the process of forming the second consecutive candlestick pattern Bearish Engulfing.

NZDCAD is expected to fall further toward the next support level 0.8420.