Technical analysis

NZDCAD Wave Analysis – 28 May, 2021

• NZDCAD reversed from resistance area

• Likely to fall to support level 0.9400

NZDCAD currency pair just reversed down from the resistance area set between the resistance level 0.8850 (top of wave 2), upper daily Bollinger Band and the 50% Fibonacci correction of the previous wave (C).

The downward reversal from this resistance area will most likely form, the daily Evening Star – if the pair closes today near the current levels.

NZDCAD can then be expected to fall further toward the next support level 0.8665 (former minor support from the start of May).

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