LeoPrime Daily Market Analysis

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NZDCAD reversed from 0.87200 resistance area; Likely to fall to 0.86100

 

NZDCAD recently reversed down from the resistance area lying between the key resistance level 0.87200 (which has been reversing the price from the start of August) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse wave B. Given the moderate bearish New Zealand dollar sentiment seen across the markets today as well as the overbought daily Stochastic, NZDCAD is likely to fall further toward the next support level 0.86100 (low of the previous short term correction A).

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