NZD/CAD reversed from resistance level 0.9530
- NZD/CAD reversed from resistance level 0.9530
- Next sell target – 0.9200
NZD/CAD continues to fall after the price earlier revered down sharply from the major long-term resistance level 0.9530, which earlier stopped the sharp primary impulse wave ① at the end of December, as can be seen from the daily NZD/CAD chart below. The downward reversal from this resistance level stopped the earlier intermediate impulse wave (3) from March.
Given the strength of the resistance level 0.9530 and the overbought reading on the daily Stochastic indicator - NZD/CAD can be expected to correct down further to the next sell target at the support level 0.9200 (intersecting with the 38.2% Fibonacci correction of the previous upward impulse from April).