Technical analysis

NZDCAD Wave Analysis 16 April, 2021

NZDCAD Wave Analysis 16 April, 2021

• NZDCAD reversed from resistance level 0.8980

• Likely to fall to support level 0.8885

NZDCAD currency pair recently reversed down from the resistance level 0.8980 (former strong support from the start of December) intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from February.

The downward reversal from the resistance level 0.8980 stopped the previous minor impulse wave 3.

NZDCAD is likely to fall further toward the next support level 0.8885 (top of the impulse wave 1 from the start of April).

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