After the bullish start of the year, the rand has started to weaken since the last Thursday. Let’s point out the main factors affecting the ZAR and set the key levels for this week’s trading.
NZD/CAD approaching support level 0.9270
- NZD/CAD approaching support level 0.9270
- Next sell target - 0.9220
NZD/CAD continues to fall inside the minor corrective wave 2 – which started earlier from the resistance zone lying between the resistance level 0.9450, upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward ABC correction (2) from the start of February.
The price is currently approaching the support level 0.9270 (low of the aforementioned ABC correction (2)). If the price breaks below this support level - NZD/CAD can then fall to the next sell target at the support level 0.9220 (which stopped the previous long-term ABC correction ② in January).
If we look at the daily charts of the US dollar index and the USD/JPY pair, we will see a misleading trend.
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