A good long opportunity can be made at 0.82350 as it is forming bullish FLAG pattern. position can be made with the target of 0.86000 and with the stop loss of 0.82110.
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According to my analysis this currency pair is going down for the upcoming week
1-Strong Down trend
2-Fallowing key levels repeatedly
Do not get confused by watching dojji canndle to understand the formation of the doji candle take a look at 4 hour chart
as you can see price first make new lower low then retest the key level and start coming down...this move...
After finding strong support in 0.8620 zone, NzdCad reversed and made a first leg up to 0.9 figure.
Now the pair is correcting this move and this can be a good chance for bulls to get onboard
0.8780-0.88 zone is strong support at this moment and dips to that zone should be bought for a new rally to 0.9 zone
We had some good bearish movements on this pair for the past few days, but for now, there's a possibility of observing some bearish momentum as the price approaching the weekly key area! Any daily bearish candle on this pair will be an indication of bearish momentum!
NB: I posted H4 analysis for this pair a few days ago, visit my page to view it!
NZDCAD's current chart pattern is unfolding as a bullish Elliot Wave impulse structure. Price seems to have completed wave (iv) of 3 which set a stage for another rally in wave (v) of 3.
Price has also rejected a weekly support area that lined up with a moving average. The potential price target is within the blue zone on the chart.