NZD/CAD - correction may lead to 0.9000
In previous analysis December 18 entitled: "upward rally is coming to an end?" I pointed that correction may occur because of overbought NZD/CAD. So it happened, however, correction has started 100 pips above level that I pointed in that analysis. At December 29 at daily chart there is a PIN BAR candle which tested area of highest level of 2015. Since that moment, price falls.
Today price is testing 93.70 level; however it is likely that falls will be deeper. If current support will be break below, next supports are located at 92.20, 91.10, 90.10. It is likely that price will test 0.9000 level. This area is strengthened by support and Fibonacci 61,8% level of previous upward movement. Alternatively, if demand is still strong after short correction, price could begin consolidation below 2015 top.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.