LeoPrime Daily Market Analysis

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NZDCAD reversed from support area; Likely to rise to resistance level 0.86850

NZDCAD currency pair continues to rise after the pair earlier reversed up from the combined support area located between the key support level 0.86100 (which stopped the sharp downtrend in September) and the lower daily Bollinger Bad. The upward reversal from this support area stopped the earlier primary extended ABC correction from the start of September. Given the strength of the aforementioned support area, strong Canadian dollar bearishness and the oversold daily Stochastic – NZDCAD currency pair can be expected to rise further toward the next resistance level 0.86850 (former support from the middle of August).

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