NZDCAD Excellent buy opportunity on this pull-back.
The NZDCAD pair gave us a great buy entry last time we looked at it (May 08, see chart below) and made a direct hit on our 0.8500 Target:
The price got heavily rejected straight after and just hit the 1D MA50 (blue trend-line) again. The pattern that seems to be prevailing is a Channel Up (blue). The last time we had a Higher High rejection on its top, the pair pulled-back to the 1D MA200 (orange trend-line) and then made a short-term bounce to the Internal Lower Highs trend-line.
As a result, we will be using this opportunity to buy and target 0.84500 (just below the symmetrical Lower Highs trend-line).
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The price got heavily rejected straight after and just hit the 1D MA50 (blue trend-line) again. The pattern that seems to be prevailing is a Channel Up (blue). The last time we had a Higher High rejection on its top, the pair pulled-back to the 1D MA200 (orange trend-line) and then made a short-term bounce to the Internal Lower Highs trend-line.
As a result, we will be using this opportunity to buy and target 0.84500 (just below the symmetrical Lower Highs trend-line).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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