NZD/CAD: buy target – 0.9050
By: Dmitriy Chernovolov
- NZD/CAD rising inside intermediate impulse wave (3)
- Next buy target – 0.9050
NZD/CAD continues to rise inside the intermediate impulse wave (3) – which started earlier – when the price reversed up from the support zone lying between the support level 0.8800, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the middle of September. The upward reversal from the aforementioned support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
NZD/CAD is likely to rise further in the active impulse wave (3) toward the next buy target at the resistance level 0.9050 (which reversed the price sharply earlier this week, as can be seen below).