NZD/CAD reversed from powerful support zone

NZD/CAD reversed from powerful support zone

  • NZD/CAD reversed from powerful support zone
  • Next buy target - 0.9450

NZD/CAD recently revered up sharply from the powerful support zone lying between the support levels 0.9270 and 0.9220 (which also reversed the price sharply in December and January). This support zone was strengthened by the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which started the active minor correction ii.

Given the bullish divergence on the daily Stochastic indicator - NZD/CAD is expected to rise further to the next buy target at the resistance level 0.9450 (top of the previous minor corrective wave ii).



Morning brief for May 30

 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…

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