Trade of the Day: NZD/CAD

NZD/CAD recently broke the 30-minute key support level 0.8029, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 5-bar level – which is the result of the 5 previous reversals from this price level. NZD/CAD is expected to fall toward the forecast price 0.8009.

As can be seen from the daily NZD/CAD chart below – the pair earlier broke the support zone located between the key support level 0.8050 (which reversed the price at the start of October) and the support trendline of the daily up channel from September. This price area is acting as the resistance zone after it was broken. The proximity of this resistance zone and the clear daily downtrend increase the probability NZD/CAD will continue to fall toward the forecast price 0.8009.