The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
NZD/CAD broke powerful support level 0.9210
- NZD/CAD broke powerful support level 0.9210
- Next sell target - 0.9100
NZD/CAD continues to fall after the earlier breakout of the powerful support level 0.9210, which has been steadily reversing this currency pair from last December, as can be seen from the daily NZD/CAD chart below. The breakout of the support level 0.9210 accelerated the active minor impulse wave 3, which belongs to the intermediate impulse wave (C) from the start of June. NZD/CAD is expected to fall to next sell target at the next support level 0.9100.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.