Technical analysis

NZDCAD Wave Analysis 24 October 2023

– NZDCAD reversed from support level 0.7960

– Likely to rise to resistance level 0.8100

NZDCAD currency pair recently reversed up with the Piercing Line from the key support level 0.7960 (which stopped the sharp downtrend in September).

The support level 0.7960 was strengthened by the nearby lower daily Bollinger Band , as can be seen below.

Given the strength of the support level 0.7960 and the oversold daily Stochastic, NZDCAD can be expected to rise further toward the next resistance level 0.8100.

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