FxGrow Daily Technical Analysis – 04th Jan, 2015
By FxGrow Research & Analysis Team
NZDCAD - 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 at NZDCAD. 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.
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