NZD/CAD: buy target - 0.9600
- NZD/CAD reversed from support zone
- Next buy target - 0.9600
NZD/CAD recently reversed up sharply from the support zone lying between the support level 0.9350 and the 50% Fibonacci Correction of the previous sharp minor impulse 1 from last month (as you can see from the daily NZD/CAD chart below). The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Piercing Line – which marked the end of the previous minor correction 2 – and started the active minor impulse 3. The pair is currently trading close to the resistance level 0.9500.
If NZD/CAD breaks the resistance level 0.9500, the price can then rise to the next buy target at the resistance level 0.9600 (which stopped the previous sharp minor impulse wave 1 in March, as you can see below).