NZD/CAD: sell target - 0.9100
By: Dmitriy Chernovolov
- NZD/CAD falling inside impulse waves (3) and ③
- Next sell target - 0.9100
NZD/CAD continues to fall inside the 3rd intermediate impulse wave (3) – which belongs to the primary downward impulse wave ③ from December.The active impulse wave ③ started when the pair reversed down sharply from the resistance zone lying between the strong long-term resistance level 0.9600 (which also previously reversed the sharp upward impulse wave in March of 2015, as can be seen from the daily NZD/CAD chart below) and the upper daily Bollinger Band.
NZD/CAD is likely to fall further in the active impulse waves (3) and ③ toward the next sell target at the support level 0.9100. Strong resistance remains at 0.9600.