Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
NZD/CAD approaching support level 0.9270
2021-11-11 • Updated
- NZD/CAD approaching support level 0.9270
- Next sell target - 0.9220
NZD/CAD continues to fall inside the minor corrective wave 2 – which started earlier from the resistance zone lying between the resistance level 0.9450, upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward ABC correction (2) from the start of February.
The price is currently approaching the support level 0.9270 (low of the aforementioned ABC correction (2)). If the price breaks below this support level - NZD/CAD can then fall to the next sell target at the support level 0.9220 (which stopped the previous long-term ABC correction ② in January).
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