Technical analysis

NZDCAD Wave Analysis – 7 July, 2020

NZDCAD Wave Analysis – 7 July, 2020

• NZDCAD rising inside impulse waves 3 and (5)

• Likely to rise to 0.8950

NZDCAD continues to rise after the earlier breakout of the key resistance level 0.8800 (which has been reversing the price from the end of 2019).

The breakout of the resistance level 0.8800 accelerated the active impulse waves 3 and (5) – which are a part of the longer-term impulse sequence ③ from May.                                                                              NZDCAD is likely to rise further toward the next resistance level 0.8950 (target for the completion of the active impulse ③).

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