Ransquawk

The first day of the current month on the currency pair NZDCAD belonged to the buyers. The same was during the last session of the last week, when the pair established a new maximum. As can be seen on the daily chart of the NZDCAD pair, at the close of Thursday’s session the trend line was broken extending from the August 22 high. This behavior of the price opens the way to confluence of resistances, where the horizontal area within 0.8826 coincides with the downward trend line running from this year’s peaks. Bearing in mind the above, traders can look for buy opportunities, while the price stays above the trend line extending from the current minimum of 2018 close to 0.8321. The next goal after the eventual defeat of the resistance confluence may be around the round level of 0.9200.

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Ransquawk