Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to fall after the earlier breakout of the Key Support level 0.9311, which was previously identified by Autochartist on the hourly charts. Autochartist rates the Significance of this support level at the 3 bar level – which is the result of the three previous price reversals from this price level. NZD/CAD is expected to fall to the forecast price 0.9292 in the nearest time – in line with the sharp downward impulse visible on the daily chart below


As can be seen from the daily NZD/CAD chart below, the breakout of this support level is aligned with the sharp daily downward impulse, which started earlier from strong resistance zone lying between the multi-month resistance level 0.9600 (which has been repeatedly reversing the price from last November) and the upper daily Bollinger Band. The strength of the active daily impulse adds to the probability of further losses for this currency pair.


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