NZDCAD: Potentially a quick bounce as it completes a Bullish Bat
The pair completed a bullish Bat pattern.
I would want to see how this pair opens at the beginning of the week.
We could potentially see a quick 50-60 pips bounce up to 0.8785/95
However this will be totally against the CAD strength we are seeing currently.
See my related USDCAD post
I would want to see how this pair opens at the beginning of the week.
We could potentially see a quick 50-60 pips bounce up to 0.8785/95
However this will be totally against the CAD strength we are seeing currently.
See my related USDCAD post
Comment:
Market opened with a gap down. No trigger to trade yet
Trade active:
I am taking a risk, taking a small trade with very minimal stop loss.
Took a long trade:
- Down move seems exhausted
- Forming a falling wedge - no confirmation yet
Stops below the candle low at 0.8685
Watch out for the pattern PRZ becoming a resistance zone at 0.8740
Took a long trade:
- Down move seems exhausted
- Forming a falling wedge - no confirmation yet
Stops below the candle low at 0.8685
Watch out for the pattern PRZ becoming a resistance zone at 0.8740
Trade active:
Currently seems resisted by the PRZ at 0.8740. Now up about 28pips, can consider to move SL to breakeven to make it a risk free trade
Trade closed: stop reached:
Price hit my protective stops. Out of the trade with +1pip profit.
As expected, price did indeed get resisted at pattern PRZ 0.8740. was hoping it could break higher
As expected, price did indeed get resisted at pattern PRZ 0.8740. was hoping it could break higher
