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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.88823, 0.89039, 0.89500.

Key Support Levels: 0.88345, 0.88046, 0.88000.

1-Hr Chart:

The price on the higher time frame found support around the 0.88343 CAD mark and left a fake breakout to the downside. The market has been lifted to the upside by the help of a double bottom formation. We expect a reversal and a move to the upside in the coming hours.

NZD/CAD Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the price found buyers around the 61.80 % Fibonacci retracement level after managing to break the bearish channel to the upside. A lower correction could be seen to the highlighted zone before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 0.88359

TP 1 @ 0.88820

TP 2 @ 0.89039

Stop Loss @ 0.88128

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

One comment

  1. Hi,

    Why are you cancelling the trade now, and not wait for break on the resistance (trend)line?

    BR Ø

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