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NZDCAD Wave Analysis – 7 June, 2019

  • NZDCAD reversed from resistance zone
  • Further losses are likely

NZDCAD recently reversed down from the resistance zone lying between the key resistance level 0.9800 (former strong support from January and February) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star.

NZDCAD is expected to fall further and retest the next round support level 0.8770 (former support pivot from the end of May and the target for completion of wave (2)).

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Source: FxPro


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