FXWIREPRO: NZD/CAD Forms Bearish Bat Pattern, Good to Buy at Dips

FXWIREPRO: NZD/CAD Forms Bearish Bat Pattern, Good to Buy at Dips

• Harmonic Pattern Formed – Bearish Bat pattern 
• Potential Reversal Zone (PRZ) – 0.8970 
• The pair has recovered after making a low of 0.8835. It is currently trading around 0.88801. 
• CAD has rallied against all major pair’s as crude oil continues to stay above $40. Higher oil prices improved the outlook of Canada’s economy ahead of BOC monetary policy announcement this week. 
• Intraday trend is slightly bullish as long as support 0.8820 holds. 
• The pair’s minor resistance is around 0.8925 and any break above0.8925 will take the pair to next level 0.8970/0.9020/0.9060. 
• On the lower side major support is around 0.8820 (Apr 10th low) and break below targets confirms minor trend reversal a decline till 0.8750 is possible .
  

It is good to buy at dips around 0.8850 with SL around 0.8820 for the TP of 0.8925/0.8970.

The material has been provided by InstaForex Company - www.instaforex.com