NZDCAD Wave Analysis – 22 May, 2020

• NZDCAD reversed from resistance area

• Likely to fall to 0.8500

NZDCAD today corrected down from the resistance area lying between the key resistance level 0.8570 (which stopped the previous waves (A) and B, as can be seen below) and the upper daily Bollinger Band.

The downward reversal from this resistance area is likely to form the daily candlesticks reversal pattern Shooting Star – if the pair closes today near the current levels or lower.

NZDCAD is likely to fall further toward the next support level 0.8500 (yesterday’s low).