NZD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 0.86629, 0.86850, 0.87044
Key Support Levels: 0.86484, 0.86302, 0.86195
We have seen a completed bullish cycle, followed by a big correction taking out 61.8% of the entire bullish move. If current support holds and we maintain sideways direction , we may see a recovery on NZDCAD as it tries to retest its resistance areas.
NZD/CAD Medium-Term Trend:Bullish
Bearish momentum is clearly subsiding and if this is indeed a turning point, we can expect some increased movement to the upside, or at least further sideways action. We have some economic data around both NZD and CAD this week, so that may be the catalyst for a move on this one. We also have a support trend line to provide some protection to the downside.
Buy Limit Order @ 0.86458
TP 1 @ 0.86791
TP 2 @ 0.87030
Stop Loss @ 0.86177
Trade Safely 🙂