Nice idea on NZDCAD. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance 0.8768. It is a horizontal swing high resistance, 50% fibonacci retracement , 100% fibonacci extension. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.8651 support level. It is a horizontal pullback support, 61.8% fibonacci extension , 38.2% fibonaccci retracement.
Please take a look at our idea and share with us what you think.
Fawaz.A
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@easyMarkets, Actually your analysis supports my idea. We might see a small pullback to the major support shown on your chart (which is almost on the same level with the neckline and the previous broken high), then we should see a bullish bounce from that level. If a daily candle closes below the major support then my idea is invalid.
Please take a look at our idea and share with us what you think.