Currency Analyst since 2010

NZD/CAD: trade idea

Dima Chernovolov

• NZD/CAD reached buy target 0.9440

• Next buy target - 0.9600

NZD/CAD recently reached the resistance level 0.9440 that was set as the buy target in our earlier forecast for this currency pair. The price recently reversed up sharply from the combined support area (highlighted on the daily NZD/CAD chart below) lying at the intersection of the round support level 0.9000 (former strong resistance level which reversed the pair in October and November), the lower daily Bollinger Band, the 50% Fibonacci Retracement of the earlier upward impulse from the end of September and the former resistance trendline of the recently broken daily down channel from March of 2014 (acting as support now after it was broken).

The pair is currently trading close to resistance level 0.9440. If it breaks above 0.9440, NZD/CAD can rise to the next buy target at 0.9600 (target price for the completion of impulse (3)).

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