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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.84629, 0.84976, 0.85495.

Key Support Levels: 0.84150, 0.83841, 0.83508.

Daily Time Frame:

The price on the higher time frame is trying to break the strong resistance around the 0.84115 CAD mark where an engulfing pattern has been posted. The market left an inside bar yesterday showing that the buyers are in clear control of the market which could lead to move higher in the coming hours.

NZD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trendline to the upside after a period of consolidation. The price found more buyers around the 50% Fibonacci retracement level where it posted a higher low. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.84151

TP 1 @ 0.84618

TP 2 @ 0.84976

Stop Loss @ 0.83918

Trade Safely 🙂

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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