Categories: Technical analysis

NZDCAD Wave Analysis – 17 September, 2020

• NZDCAD broke resistance area

• Likely to rise to 0.8915 and 0.9000

NZDCAD recently broke resistance area located between the resistance level 0.8850 (which stopped the previous impulse wave (1)) and the 61.8% Fibonacci correction of the downward correction from July.

The breakout of this resistance area continues the active medium-term impulse wave (3) from the start of September.

NZDCAD is likely to rise further toward the next resistance level 0.8915 (top of wave (B) from the start of August) – the breakout of which can lead to further gains toward the powerful resistance 0.9000.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: NZDCAD

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