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
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....
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.
Kiwi index is approaching its support at 6.9441(61.8% Fibonacci extension , horizontal swing low support, 61.8% Fibonacci retracement ) where it could potentially bounce to its resistance at 7.0079 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur....
Price created a flag pattern the can be the first wave of a move to upside for the retest of the top of the structure. Flag was broken out from a bullish 240 min engulf and price is consolidating above the flag.
On daily chart price tested several times 200 EMA and the bottom where the price is now can be a good reversal zone for one more move up.
Any break below...