August 20, 2020 at 03:20PM
• NZDCAD reversed from resistance level 0.8700
• Likely to fall to 0.8500
NZDCAD recently reversed down from the resistance level 0.8700 (former support from June), intersecting with the lower trendline of the daily up channel from the middle of March.
The downward reversal from the resistance level 0.8700 created the daily reversal pattern Shooting Star – which started the active short-term impulse wave 3.
NZDCAD is likely to fall further toward the next support level 0.8500 (likely price for the completion of the active impulse wave 3).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/nzdcad-wave-analysis-20-august-2020-20200820/
Selected by fonecable.com
- Australian Dollar Forecast: Major AUD/NZD Bottom May Soon Be Approaching
- British Pound Slips After Data, Still Tied to Range. Can GBP/USD Break Out Ahead of FOMC?
- How to Research Stocks: A Step by Step Guide
- Gold Price Outlook Turns to UofM Sentiment as US Dollar, Treasury Yields Rally
- New Zealand Dollar Outlook: NZD/USD Drops on US Dollar Bids, Wall Street Losses