NZDCAD - short-term buying opportunity
**Weekly:** The pair created an impulse to the upside and currently facing a strong resistance in the weekly chart. Also, the pair is in a correction stages with an ascending channel.
**Daily**:
-It is in a very bullish trend.
-MACD shows the pair is in uptrend but bearish momentum is slowly being added.
-My bias is toward buying the pair as everything is so bullish.
**4H**:
- It is in a consolidation box (yellow box), approaching the support zone of the box.
- Also in a ascending channel buildup.
- MACD indicate the bullish momentum has started to shift.
- In respect to the 200EMA as a strong support.
- The pair also in a minor buildup stages
**What to do now? When to buy?**
- I would buy the pair immediately as the confluence of 200EMA and consolidation support and the recent downside momentum has begun to slow down. Thus, potential upside movement is definitely possible and the target is the resistance zone of the consolidation box.
**Daily**:
-It is in a very bullish trend.
-MACD shows the pair is in uptrend but bearish momentum is slowly being added.
-My bias is toward buying the pair as everything is so bullish.
**4H**:
- It is in a consolidation box (yellow box), approaching the support zone of the box.
- Also in a ascending channel buildup.
- MACD indicate the bullish momentum has started to shift.
- In respect to the 200EMA as a strong support.
- The pair also in a minor buildup stages
**What to do now? When to buy?**
- I would buy the pair immediately as the confluence of 200EMA and consolidation support and the recent downside momentum has begun to slow down. Thus, potential upside movement is definitely possible and the target is the resistance zone of the consolidation box.
Trade active
Trade closed: stop reached