Categories: Technical analysis

NZDCAD Wave Analysis – 29 August, 2019

  • NZDCAD broke daily down channel
  • Further losses are likely

NZDCAD recently broke below the support trendline of the extended daily down channel from March – which encloses the active long-term ABC correction ②.

The breakout of this down channel follows the earlier breakout of the key support level 0.8500 – which stopped the previous impulse wave 1.

NZDCAD is expected to fall further and retest the next support level 0.8300 (target price for completion of active ABC correction ②).

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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