NZD/CAD: buy target - 0.9360
By: Dima Chernovolov
- NZD/CAD reversed from strong support level 0.9180
- Next buy target - 0.9360
NZD/CAD last Friday reversed up strongly from the powerful support level 0.9180 (which also previously reversed the pair sharply in March, as you can see from the daily NZD/CAD chart below). The support zone near the support level 0.9180 was further strengthened by the 50% Fibonacci Correction of the previous extended upward impulse from December and by the lower daily Bollinger Band.
With the daily Stochastic still trading in the oversold territory, NZD/CAD can be expected to rise further toward the next buy target at the resistance level 0.9360. Buy stop-loss can be placed at half the daily ATR below the aforementioned support level 0.9180.