Technical analysis

NZDCAD Wave Analysis 17 December, 2020

NZDCAD Wave Analysis 17 December, 2020

• NZDCAD reversed from round support level 0.9000

• Likely to rise to 0.9160

NZDCAD recently reversed up from the round support level 0.9000 (former powerful resistance from July, which has been reversing this currency pair from the start of December) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction of the impulse 3 from last month.

The upward reversal form the support level 0.9000 created the second consecutive Japanese candlesticks reversal pattern Bullish Engulfing.

NZDCAD is expected to rise further toward the next resistance level 0.9160 (top of the previous impulse wave 3).

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