NZDCAD Wave Analysis 29 September, 2020

• NZDCAD reversed from support area

• Likely to rise to 0.8900

NZDCAD recently reversed up from the support area located between the pivotal support level 0.8745 (which has been reversing the price from the middle of August), lower daily Bollinger Band and the 50% Fibonacci retracement of the upward impulse (1) from last month.

The upward reversal from this support area stopped the previous medium-term ABC correction (2).                           

NZDCAD is likely to rise further toward the next resistance level 0.8900 (top of the previous medium-term impulse wave (1)).