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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.87751, 0.88136, 0.89000.

Key Support Levels: 0.87059, 0.86870, 0.86705.

Daily Time Frame:

The price on the higher time frame the market failed to continue its move to the downside where an engulfing bullish pattern has been posted near the strong support around the 0.87059 CAD mark. This move could lead to a reversal and a move upward toward the next key resistance level.

NZD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the market succeeded to break the bullish flag formation to the upside by the help of the double bottom. The price is posting higher highs and lows where we have a seen a correction to the 61.80 % Fibonacci retracement. A slight lower correction could be seen before a new bullish impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 0.87101

TP 1 @ 0.87737

TP 2 @ 0.88136

Stop Loss @ 0.86786

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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