NZD/CAD reversed from long-term resistance level 0.9640
- NZD/CAD reversed from long-term resistance level 0.9640
- Next sell target - 0.9500
NZD/CAD continues to fall – following the earlier sharp downward reversal from the major long-term resistance level 0.9640 (which has been reversing this currency pair from the start of 2014, as can be seen from the weekly NZD/CAD chart below). If the pair closes this week near the current levels – it will then form the strong weekly Japanese candlesticks reversal pattern Falling Star (strong bearish signal).
Given the overbought reading on the weekly Stochastic indicator - NZD/CAD can be expected to correct down further to the next sell target at the support level 0.9500. Powerful resistance remains at 0.9640.