NZDCAD | MT Long H4 | Milk Economy Over Oil Economy?

Pair: NZDCAD
Timeframe: H4 - Medium Term (MT)
Direction: Long

Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1, H4 and H1 time-frames
- Price action is at a resistance trendline & also a horizontal trendline (Demand zone)
- Price is between the 61.8 - 78.6% Fibo retracement
- Aiming for the 38.2% Fibo Retracement which is also a supply zone.

Fundamental Confluences for Trade:
- Very different economies with market data gyration will pretty much determine the direction of this trade.

Suggested Trade:
Entry @ Area of Interest 0.8070 - 0.8100
SL @ 0.8021
TP 1 @ 0.8155 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 0.8223
Risk-to-Reward @ Approx. 2.27 (Depending on Entry Level)

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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.

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Comment:

TP 1 achieved.

Take profit on half the position. Move the SL to Breakeven levels and have a risk-free trade.

:D