NZD CAD Fib 50 Retracement
A Fib has been drawn from the last major swing. Price is now testing at the 50 level.
You will see price has a level of support from a minor trend line based off the previous two highs.
Divergence is evident on the one hour RSI
A Double bottom was loosely formed at the 50 level followed by breakout and retest. This is coupled with a trend line breakout and retest.
Risk Reward could be as high as 1:8 if price reaches the next descending trend line.
You will see price has a level of support from a minor trend line based off the previous two highs.
Divergence is evident on the one hour RSI
A Double bottom was loosely formed at the 50 level followed by breakout and retest. This is coupled with a trend line breakout and retest.
Risk Reward could be as high as 1:8 if price reaches the next descending trend line.
Comment:
Strong and clear rejection of the 61.8 level. Good bullish move.
Trade prediction was good.
Trade prediction was good.
(from now on I will only draw arrows of direction unless I am available to actively monitor and take the trade due to work commitments)
There is a Bullish inverted Hammer formed just after a rejection pin bar.
Some divergence is evidence.
61.8 Is a good point for reversal trading.