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NZD/CAD | Potential Bullish Reversal

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.86629, 0.86850, 0.87044

Key Support Levels: 0.86484, 0.86302, 0.86195

4-Hour Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 0.86458

TP 1 @ 0.86791

TP 2 @ 0.87030

Stop Loss @ 0.86177

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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