NZDCAD Reached Formation Target
Burc Oran
November 24, 2020
NZDCAD Daily Chart
NZDCAD Daily Chart
NZDCAD, Magnified Version in Daily Chart
NZDCAD, Magnified Version in Daily Chart

The triangle formation which was broken upwards has reached its target. 0.9110 target level may start a downward correction to 0.90-0.8920 levels. RSI is holding above 70 for almost two weeks, this is supporting the correction odds.  There is also a bullish trend forming, showed red dash line in charts. Given time, this trend line will meet with 0.8920 and that spot may fuel a bullish continuation after the possible correction..

If price not get a correction and breaks above 0.9110, NZDCAD may test more than one year old resistance level of 0.9250.

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