LeoPrime Daily Market Analysis

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NZDCAD reversed from 0.62000 support area ; Likely to rise to 0.8500

 

NZDCAD recently reversed up sharply from the powerful area lying between the major multi-year support level 0.8300 (yearly lows from 2015 and 2018) and the lower weekly Bollinger Band. The upward reversal form this support area is likely to form the weekly Japanese candlesticks reversal pattern Morning Star (if the price closes this week near the active levels). Given the strength of the aforementioned support area and the rising bullish sentiment affecting New Zealand Dollar, NZDCAD is likely to extend the gains toward the next resistance level 0.8500 (top of the previous weekly correction 4 from September).

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