Categories: Technical analysis

NZDCAD Wave Analysis 8 October, 2020

• NZDCAD broke support zone

• Likely to fall to 0.8660

NZDCAD recently broke the support zone lying between the key support level 0.8750 and the 50% Fibonacci correction of the upward impulse wave (1) from August.

The breakout of this support zone accelerated the active downward impulse wave C of the ABC correction (2) from last month.

NZDCAD is likely to fall further toward the next support level 0.8660 (target price for the completion of the active sub-impulse wave (i)).

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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