NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.68581, 0.69169, 0.69583.

Key Support Levels: 0.67875, 0.67414, 0.67000.

Daily Time Frame:

The price on the higher time frame failed to continue its downward movement where it bounced to the upside around the 0.67500 CAD mark. An inverse head and shoulders is being formed signaling that the market is about to reverse.

NZD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is bouncing inside a bullish flag where we expect a breakout to the upside since the buyers took control of the market and this is shown by the big bodied bullish bars. A lower correction could be seen before a new bullish impulsive wave.

Signal Idea:

Buy Limit Order @ 0.67883

TP 1 @ 0.68547

TP 2 @ 0.69169

Stop Loss @ 0.67551

Trade Safely 🙂