NZD/CAD: sell targets - 0.8500 and 0.8400
By: Dmitriy Chernovolov
- NZD/CAD reversed from resistance level 0.8700
- Next sell targets - 0.8500 and 0.8400
NZD/CAD recently reversed down strongly from the resistance zone lying between the resistance level 0.8700 (which reversed the earlier intermediate ABC correction (2) in July), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp minor impulse wave 5 from the end of May. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – marking the end of earlier wave 2.
NZD/CAD is likely to fall further toward the next sell targets at the support levels 0.8500 and 0.8400. Sell stop-loss can be placed above the resistance level 0.8700.