NZDCAD LONG IDEA
NZDCAD has been very bearish on the higher time-frames but we have seen a bit of a bullish trend on the daily.
We can see that the weekly resistance level around 0.85000 was broken last week and price action is currently consolidating.
Although we see a lot of exhaustion on the daily there is bullish pressure still present. On a 4hour time-frame we can see that this area is consolidating in a range and has formed a rectangle.
We will need to see some conviction and this range broken but ultimately we are looking to target higher
The daily 61.8% and monthly resistance around 0.86400 is going to be our target which is about 115+ pips higher from current price
NZDCAD has been very bearish on the higher time-frames but we have seen a bit of a bullish trend on the daily.
We can see that the weekly resistance level around 0.85000 was broken last week and price action is currently consolidating.
Although we see a lot of exhaustion on the daily there is bullish pressure still present. On a 4hour time-frame we can see that this area is consolidating in a range and has formed a rectangle.
We will need to see some conviction and this range broken but ultimately we are looking to target higher
The daily 61.8% and monthly resistance around 0.86400 is going to be our target which is about 115+ pips higher from current price