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NZDCAD Wave Analysis – 29 August, 2019

  • NZDCAD broke daily down channel
  • Further losses are likely

NZDCAD recently broke below the support trendline of the extended daily down channel from March – which encloses the active long-term ABC correction ②.

The breakout of this down channel follows the earlier breakout of the key support level 0.8500 – which stopped the previous impulse wave 1.

NZDCAD is expected to fall further and retest the next support level 0.8300 (target price for completion of active ABC correction ②).

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