Categories: Technical analysis

NZDCAD Wave Analysis – 28 August, 2020

• NZDCAD broke resistance level 0.8800

• Likely to rise to 0.8900

NZDCAD continues to rise inside the sharp upward impulse wave ③, breaking today the resistance level 0.8800 (former support from the start of August).

The breakout of the resistance level 0.8800 coincided with the breakout of the 50% Fibonacci retracement of the earlier ABC correction ② from July.

NZDCAD is expected to rise further toward the next resistance level 0.8900 (top of the previous medium-term correction (B)).

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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Tags: NZDCAD

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