Technical analysis

NZDCAD Wave Analysis – 27 December, 2021

NZDCAD Wave Analysis – 27 December, 2021

• NZDCAD reversed from resistance level 0.8750

• Likely to fall to support level 0.6850

NZDCAD currency pair recently reversed down with the daily Shooting Star from the resistance level 0.8750 (which has been reversing the price form the start of December, as can be seen below).

The resistance zone near the resistance level 0.8750 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse (i) from the start of November.

NZDCAD can be expected to fall further toward the next support level 0.6850 (low of the previous minor correction (b)).

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