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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.88854, 0.89418, 0.89884.

Key Support Levels: 0.88374, 0.88050, 0.87791.

Daily Time Frame:

The price on the higher time frame failed to continue its move downward below the 0.88374 CAD mark where it posted an engulfing bullish pattern which led to a reversal and a move to the upside. We expect further movement to the upside toward the next key resistance level.

NZD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is traded inside a bullish flag pattern where we expect a breakout to the upside. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 0.88545

TP 1 @ 0.89029

TP 2 @ 0.89418

Stop Loss @ 0.88430

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.

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