NZDCAD Wave Analysis – 7 October, 2019

NZDCAD reversed from resistance area
Likely to fall to 0.8300

NZDCAD recently down from the resistance area lying between the major resistance level 0.8410 and 61.8% Fibonacci correction of the previous sharp downward impulse wave 1 from September.

The downward reversal from this support area started the active short-term impulse wave 3.

With the rising Canadian Dollar bullishness – NZDCAD is expected to fall further and retest the next support level 0.8300 (former support from last month)

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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