CAD had a big bear run due to oil prices, but due to the rise in OIL has gained momentum. CADNZD just had a perfect bounce off an important demand zone. Follow market structure to use previous support/resistance as take profit areas. Hopefully we can ride it back to the top.
DISCLAIMER: I am by no means anything close to a proffessional. The reason, I post ideas, is to document my trades. There may be no value to you. It might be incorrect analysis. But it certainly helps me sorting my thoughts on charts.
The chart confirmed a trend pattern. (see red dahsed line)
We will trade the downtrend with SL at the lats ...
So this one is really interesting. CAD has to my pleasure been really bullish for a while, and it looks like that might continue. We're currently in a breakout channel from a previous downward trend, and has just gotten out first smell of fresh air.
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy. ...
CAD/NZD Continue to push on to the upside after it broke out above its 500 EMA and 1.1006 resistance price point. Will it continue its uptrend or pull back? The Pair will need to hold on above 1.1216 to continue to its next target around 1.1308.
I'M WAITING TO SEE IF PRICE BREAKS OUT TO THE DOWNSIDE.
IF THIS HAPPENS ON THE 4H CHART I'LL WAIT FOR PRICE TO RETEST THE PAST SUPPORT ZONE AS NEW RESISTANCE AND LEAVE A NICE REJECTION CANDLE.
MY TAKE PROFIT WILL BE THE SIZE OF THE MEASURED MOVE MARKED ON THE LEFT SIDE OF THIS CHART.