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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.8663, 0.8679, 0.8700

Key Support Levels: 0.8647, 0.8626, 0.8600          

Daily Chart:

The price on the higher time frame failed to probe below the strong daily support around the 0.8635 USD mark. This led to a fake breakout and reversal which could mean a move upward is most likely in the coming hours.

NZD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the 1- hour chart the price succeeded to break the bearish channel to the upside by posting a double bottom. A lower correction is expected to the highlighted zone before a rally to the upside toward the mentioned target profit.

Signal Idea:

Buy Limit Order @ 0.8647

TP 1 @ 0.8663

TP 2 @ 0.8679

Stop Loss @ 0.8640

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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