NZD/CAD: buy target - 0.8500
By: Dmitriy Chernovolov
- NZD/CAD reversed from pivotal support level 0.8330
- Next buy target - 0.8500
NZD/CAD continues to rise after the recent upward reversal from the pivotal support level 0.8330 (which reversed earlier waves A and (1)). The support zone near this support level was strengthened by the lower daily Bollinger Band. The latest upward reversal from 0.8330 completed the previous minor (b)-wave of the active ABC corrective wave B from the end of August (as you can see below).
Given the clear bullish divergence on the daily RSI - NZD/CAD is likely to rise further in the active minor (c)-wave toward the next buy target at the resistance level 0.8500 (which stopped the (a)-wave of the active ABC correction B).