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NZD/CAD Potential Upward Movement

NZD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.8927, 0.8992, 0.9059

Key Support Levels: 0.8858, 0.8764, 0.8630

Daily Chart:

The price on the higher time frame was in a downtrend and it is trading inside a bearish channel formation. It faced a strong support level around the 0.8764 USD level, where the price might reverse and start to trend to the upside.

NZD/CAD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price succeeded to break the bearish channel pattern to the upside and posted a double bottom around the daily support. A lower correction might be seen before the price starts to trade higher toward the 0.8927 USD mark.

Signal Idea:

Buy Limit Order @ 0.8858

TP 1 @ 0.8927

TP 2 @ 0.8992

Stop Loss @ 0.8823

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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