NZDCAD price line has been moving within a sideway range since the start of December 2022. While being on the sideway, a static support and a static resistance level were formed on the price chart. The price line is now reacting to the support level, which is indicated as a red zone; and it is expected to go through an ascending wave, heading to the resistance level, reflected as a green area above the price line. The red descending line indicates the dynamic resistance which was formed while the price line was going through the last bearish leg. As it can be seen on the chart, this line is now broken and an ascending leg could take place shortly.
• There is a resistance level at 0.87000 followed by resistance at 0.88200 and 0.88500.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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