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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.89969, 0.90544, 0.91116.

Key Support Levels: 0.89371, 0.88505, 0.87752.

Daily Chart:

The price on the higher time frame succeeded to break a strong resistance around the 0.88505 CAD mark with the help of an engulfing bullish pattern. We are expecting further movement to the upside in the coming hours toward the next key level.

NZD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price managed to break the bullish flag formation to the upside after finding buyers around the 50% Fibonacci retracement. We could see a lower correction to this area again before a new impulsive wave to the 0.89969 CAD.

Signal Idea:

Buy Limit Order @ 0.89536

TP 1 @ 0.89956

TP 2 @ 0.90544

Stop Loss @ 0.89398

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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