Technical analysis

NZDCAD Wave Analysis – 19 August, 2021

• NZDCAD reversed from support zone

• Likely to rise to resistance level 0.8840

NZDCAD currency pair recently reversed up from the support zone lying between the pivotal support level 0.8675 (which has been reversing the price from the start of July) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous minor correction (ii) – by forming the daily Bullish Engulfing.

NZDCAD can be expected to rise further toward the next resistance level 0.8840 (which has been steadily reversing the price from the start of May).

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