NZDCAD recently reversed down from the resistance area lying between the resistance level 0.85500 (which also reversed the price sharply earlier this month) and the 61.8% Fibonacci retracement of the previous sharp downward impulse from last December. The downward reversal from this resistance area previously created the daily Japanese candlesticks reversal pattern Shooting Star Doji. Given the strength of the aforementioned resistance area and the moderately bearish New Zealand dollar sentiment – NZDCAD is likely to fall down further toward the next support level 0.84000.
