• NZDCAD reversed from resistance area
• Likely to fall to support level 0.8900
NZDCAD recently reversed down from the resistance area lying between the key resistance level 0.9000 (former support from the start of December), upper daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from October. The downward reversal from this resistance area stopped the previous minor impulse 3.
Given the strength of the resistance level 0.9000 and the growing bearish sentiment affecting the New Zealand dollar today – NZDCAD can be expected to fall further toward the next support level 0.8900 (former resistance from the start of April).
