NZD/CADLong
NZDCAD POTENTIAL LONG OPPORTUNITY
Updated
Hello amazing people! Just wanted to come on here and make a post for the week on a potential upcoming opportunity I see on the NZDCAD currency cross. Potential bounce play if not new high play on the weekly coming into play so let's see what the market gives us but let's dive in!!
OK so when zooming out on the higher TF I saw that in 2022 NZDCAD made a huge run to the upside creating multi-year highs. Following this move we saw a long term corrective move coming in A LOT weaker and slower then that buyer push we saw. Something else I'm realizing on the weekly timeframe now is actually price forming subtle higher highs and higher lows on price on the weekly showing me a potential shift coming into play. This is what built my BIAS for a potential upside opportunity on this pair!
OK so when looking at the weekly and daily timeframe I was looking for some areas of demand to support this higher timeframe bias that I am formulating based on price action. When looking at the weekly and daily timeframes I found the 0.81700 demand zone as the strongest and highest confluence zone to see a bounce to the upside from! You can see the 78.6 (discount) fib level is aligning with the weekly/daily point of demand I have marked off as well on the charts.
Now I am waiting to watch how price comes into that level and if it can give me any more price action confluence to make this trade a little more juicy!
ALRIGHT GUYS! Hope you enjoyed!! Please boost this post and follow my page for more accurate analysis and trade setups! Love you all. God Bless!
OK so when zooming out on the higher TF I saw that in 2022 NZDCAD made a huge run to the upside creating multi-year highs. Following this move we saw a long term corrective move coming in A LOT weaker and slower then that buyer push we saw. Something else I'm realizing on the weekly timeframe now is actually price forming subtle higher highs and higher lows on price on the weekly showing me a potential shift coming into play. This is what built my BIAS for a potential upside opportunity on this pair!
OK so when looking at the weekly and daily timeframe I was looking for some areas of demand to support this higher timeframe bias that I am formulating based on price action. When looking at the weekly and daily timeframes I found the 0.81700 demand zone as the strongest and highest confluence zone to see a bounce to the upside from! You can see the 78.6 (discount) fib level is aligning with the weekly/daily point of demand I have marked off as well on the charts.
Now I am waiting to watch how price comes into that level and if it can give me any more price action confluence to make this trade a little more juicy!
ALRIGHT GUYS! Hope you enjoyed!! Please boost this post and follow my page for more accurate analysis and trade setups! Love you all. God Bless!
Note
Not seeing my price action confirmations yet but let's see if it sets something upNote
NZDCAD sitting in zone..let's see how the buyers react hereNote
NZDCAD reacted well from demand so far!Trade closed: target reached
Take profit 1 was hit on this!! Cheers! Reacted on point from previous historical demand zone
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