we have 2 potentials here.....
1. new have our first reversal zone ranging between 74.100-74.400. we have a already had one rejection in that zone. the TP we have is 140 pips. mini head and shoulders
2. our second reversal zone which ranges between 75.550-75.100. back towards the end of september we see this level reverse so if the first idea breaks I will see...
as we can see on the 4hr chart price has been respecting the upwards Channel, it has broken out of consolidation for a higher high. the highest price been since July.
I predict price will retrace back to it break out zone (38% on the fibonacci) and the push up-to 50% on the fibonacci retracement zone.
NZDCAD has been on a downtrend since November 2016, it has respected the descending trend line on 4 different occasions. each time price has reversed of the descending trend line it has made 600 pip minimum, the first target Iam going for is 270 pips and the second target is 470 pips. Potential inverse head and shoulders forming also.