Bottom blue levels indicate monthly support. Market reached support, also fulfilled Daily Fibonacci "D" extension.
Anticipating market movement towards monthly resistance (after Fibonnaci extension hit market begins new retracement phase).
Monthly = Direction
Daily = High or Low price
1Hour = entry
According to daily timeframe we are at a low price, still forming new Fibonacci "ABC" sequence.
Getting early entry on lower timeframe (1Hr) as market is forming higher highs and lows.
Also notice the head and shoulders pattern formation at monthly support.
Fundamentals in favour of NZD at time of posting this. LOTS of retail sellers in the market as we know most retail traders tend to lose money...
Entry:
11:00AM SA time
SL: 0.77563
TP: 0.78821 (next resistance)
Lot: 0.5
Anticipating market movement towards monthly resistance (after Fibonnaci extension hit market begins new retracement phase).
Monthly = Direction
Daily = High or Low price
1Hour = entry
According to daily timeframe we are at a low price, still forming new Fibonacci "ABC" sequence.
Getting early entry on lower timeframe (1Hr) as market is forming higher highs and lows.
Also notice the head and shoulders pattern formation at monthly support.
Fundamentals in favour of NZD at time of posting this. LOTS of retail sellers in the market as we know most retail traders tend to lose money...
Entry:
11:00AM SA time
SL: 0.77563
TP: 0.78821 (next resistance)
Lot: 0.5
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NZDCAD
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