NZDCAD Wave Analysis – 18 June, 2019

NZDCAD reversed from support area
Further gains are likely

NZDCAD recently reversed up sharply from the combined support area lying between the key support level 0.8700 (low of the Morning Star from May) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier medium-term downward ABC correction (2) from the start of June.

NZDCAD is expected to rise further and retest the next resistance level 0.8800 (former support from May).

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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