As it's clear on the 4h chart, FX:NZDCAD has been comfortably ranging between 0.89000 to 0.93000 since mid November of 2018. Although it is a minor pair, meaning its moves are fundamentally based on each currency's performance across the whole forex markets (particularly against the US dollar), an in-depth market analysis suggests that this range...
The last bottom can be the end of the 2nd wave and the strong reaction can be the reversal impulse. That's why I'm waiting for a correction to place an entry order above the last top. As you can see it's still in the downtrend. So, it can also make a correction below the trendline and a new low. We will see if it breaks the trendline or come back....
1. the turn back from resistance channel and breakdown the wedge could make
double top referenced by divergence on MACD and RSI.
2.if we get a close over resistance channel we can long to complete the circle
and inverted head and shoulders.
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history...
1, Rejected off monthly zone
2, Currently at daily support
3, Head and Shoulder pattern on daily support
4, Double top on daily timeframe (Dec 18 + March 19)
5, Daily support at 50% and 382 on Fibonacci Cluster
Target: based on Fibonacci cluster and previous support
After that massive impulse in the 27th of March we have been looking for the perfect opportunity for a long position, however, our support levels didn't match, until now.
What we are looking for here is an H4 rejection in one of our support levels.
Give this trade some room because it can take a little bit to reverse, we can still see a move to our...
Here is the most significant levels for this week on NZDCAD.
I expected on this levels oportunity go short.
Both of this level is based on volume accumulation setup.
From price level 0.9247 followed strong sell off, this is why i expected that strong sellers will be fight about this price.
Price has broken the ascending channel, & has made a strong impulse lower. Price has now found support, where a pullback to set a lower high can occur for price to build up momentum to then set a new lower low.
NZDCAD complete bullish cypher pattern. However, the price still bearish. so can focus on sell. price may pullback to 38.2 level or blue area. When price pullback to that level, we can take another sell entry targeting yellow zone