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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.8835, 0.8913, 0.8988

Key Support Levels: 0.8750, 0.8641, 0.8600

Daily Chart:

The price on the higher time frame failed to break a key strong support around the 0.8750 USD mark which could lead to a reversal to the upside. Momentum is changed from the negative to positive and this is seen by the latest bars.

NZD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the asset was traded inside a bearish channel formation where it managed to break it to the upside after an accumulation phase where it helped to bring back liquidity. A lower correction could be seen to the highlighted zone before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 0.87795

TP 1 @ 0.88120

TP 2 @ 0.88350

Stop Loss @ 0.87635

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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