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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.8748, 0.8785, 0.8807

Key Support Levels: 0.8693, 0.8667, 0.8638

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern around the strong support (0.8667 USD), which might lead to a reversal from a downward movement to an upward one. Let’s see what’s happening on the lower time frame to spot an opportunity to buy.

NZD/CAD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the pair succeeded to break the bearish channel to the upside. The price now it is traded above the strong support around the 0.8712 USD mark. A lower correction might be seen to the support before a move upward toward the target profit.

Signal Idea:

Buy Limit Order @ 0.8713

TP 1 @ 0.8748

TP 2 @ 0.8785

Stop Loss @ 0.8702

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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