TradingAxis

NZDCAD > How to Use FIB for Classic Trendline Entry!!

Long
OANDA:NZDCAD   NZD/CAD
Analysis of #NZDCAD

Hi traders, today we will have a look at #NZDCAD

The NZDCAD has a similar setup to my AUDCAD idea as you see we have a perfectly clear uptrend, and clearly defined trendline support.

the market has previously a strong resistance level which the market broke and move to the upside, the market now is expected to continue up, and we can look for trend continuation patterns such as channels or triangles, wedges or flags,

the market, in fact, might e forming a channel pattern now, but you need to be careful that it's not a double-top pattern, for that wait for confirmation first.

if however, the market dropped to test its trendline support, and previous structure support zone, which is also FIB golden ratio 0.618, which is perfect for me, to start looking for a buy.


I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one

Thanks for your continued support!

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