NZD/CAD: sell target – 0.8900
By: Dima Chernovolov
- NZD/CAD reversed from resistance zone
- Next sell target – 0.8900
NZD/CAD recently reversed down sharply from the resistance zone lying between the resistance level 0.9030 (former strong support level which reversed wave (2) in February) and the 61.8% Fibonacci Correction of the previous sharp downward impulse wave (which earlier broke the major support level 0.9180 and the support trendline of the wide daily up channel from December, as you can see below).
Given the strong intraday downtrend inside which the pair has been falling in the last two months - NZD/CAD can be expected to fall further toward the next sell target at the nearby support level 0.8900. Strong resistance remains at 0.9030.