Technical analysis

NZDCAD Wave Analysis 30 April, 2021

• NZDCAD broke support level 0.7370

• Likely to fall to support level 0.8800

NZDCAD recently broke the support level 0.7370, intersecting with the support trendline of the daily up channel from March.

The breakout of the support level 0.7370 coincided with the breakout of the 50% Fibonacci correction of the previous impulse wave 1 – which accelerated the active minor (c)-wave.

NZDCAD is likely to fall further toward the next support level 0.8800 (target price for the completion of the active ABC correction 2).

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