FXtrades-gp

NZDCAD: Following the DESCENDING CHANNEL

Long
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
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🟢Forex Pair:
NZD/CAD

Technical Analysis:
In the weekly chart the price is following a clear rising wedge pattern, after it broke an historical descending channel in the middle of November 2020.

In the daily chart we can confirm this strong uptrend, in fact the price since the end of March has been moving following and bouncing between the dynamic S/R levels of that pattern.

In the h4 chart, the price got many rejections on the support level at about 0.89850 and on the 15th of December a strong impulse pushed the price up in a clear ascending channel , breaking it for the first time on the 8th of January 2021.
The price is actually following a new downtrend and it's approaching to retest the previous support zone at about 0.91000, creating a possible double bottom pattern.
The next price action around this level will be essential to understand the next market movement.

🔴Conclusion: ✔️
The price is actually following a clear descending channel and it reached an interesting support zone and at the same time the dynamic support of that channel.
The price is oversold and the RSI is also showing us a nice convergence in an interesting area.
I'm confident to see the price grows until the dynamic resistance of the channel.

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What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly,
Gianni

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Comments

Nice analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, many thanks! :)
Reply
Nicely illustrated, cheers brother
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, Thanks so much guys, I really appreciate your feedback!
Reply
Nice chart setup, thanks for sharing 😊
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, I'm glad to hear that! thanks so much! :)
Reply
Seems like a good time to enter
+1 Reply
@abel11, it could be! let's see :) thanks for your feedback abel! :)
Reply
Keep up the amazing work here dear! you are great!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst so glad to get your feedback Rich, thanks so much !
Reply
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