NZD/CAD: sell target - 0.8700
By: Dima Chernovolov
- NZD/CAD reached sell target 0.8800
- Next sell target - 0.8700
NZD/CAD recently broke strongly below the support level 0.8800 (which reversed the previous sharp (A)-wave in May and which was set as the sell target in our previous forecast for this currency pair). The price opened this week with the upward correction – bringing the price close to the broken price level 0.8800 (which is acting as resistance now after it was broken).
If the price breaks back above the resistance level 0.8800 - NZD/CAD can then rise to the next resistance level 0.8900. If the price fails to break above 0.8800 - NZD/CAD is likely to fall further toward the next support level 0.8700.