NZDCAD has broken through a very strong resistance zone with a powerful impulsive move. From here we can wait for a retracement (or possibly a retest of the broken resistance zone) before looking to go long. Additionally, NZDCAD is still following along a supportive trendline, and a touch on this trendline would also present a good opportunity to go long.
A stop loss could be placed below the resistance zone.
Use proper risk management and ensure the trade is valid in terms of your strategy before opening a trade.
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Best of luck traders!
A stop loss could be placed below the resistance zone.
Use proper risk management and ensure the trade is valid in terms of your strategy before opening a trade.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below.
Best of luck traders!