Categories: Technical analysis

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).

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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