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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.84613, 0.84699, 0.84828.

Key Support Levels: 0.84238, 0.84178, 0.84115.

1-Hr Time Frame:

The price on the higher time frame posted a double bottom pattern and moved to the upside where it succeeded to break the bearish trendline to the upside. The market as well managed to break a strong resistance line around the 0.84230 CAD mark which could lead to a further movement to the upside.

NZD/CAD Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line as well where also we have seen a double bottom with a form of a higher low showing that the market is controlled by sellers. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.84265

TP 1 @ 0.84613

TP 2 @ 0.84699

Stop Loss @ 0.84092

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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