NZD/CAD: buy target - 0.9000
By: Dmitriy Chernovolov
- NZD/CAD reversed from support zone
- Next buy target - 0.9000
NZD/CAD continues to rise after the recent upward reversal from the support zone lying between the support level 0.8830 (former strong resistance level which stopped the previous A-wave in August, as you can see below) and the 38.2% Fibonacci Correction of the previous sharp C-wave from September (which started when the pair reversed up from the major support level 0.8300).
The upward reversal from the aforementioned support zone is likely to lead to further gains toward the next buy target at the next resistance level 0.9000 (which recently stopped the previous intermediate ABC correction (2)).