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Currency Analyst since 2010

NZD/CAD may rise to resistance

By Dima Chernovolov, FBS

• NZD/CAD rises inside intermediate impulse wave (3),

• Likely to rise further to 0.9440 and 0.9600

NZD/CAD has been rising strongly in the last few trading weeks – inside the 3rd intermediate impulse wave (3), which belongs to the primary upward impulse ③ from September of last year. This upward impulse started when the price reversed up from the support zone lying between the support level 0.8770 (former strong resistance which reversed the pair in 2013) and 50% Fibonacci Correction of the previous weekly upward impulse from June of 2013.

Last week NZD/CAD reversed down from the resistance level 0.9440 (which created the top of the earlier intermediate (B)-wave). The pair is likely to retest this resistance level in the nearest time. If NZD/CAD breaks above 0.9440, it can rise further to the next resistance level 0.9600 (which stopped the previous primary impulse ①).

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