NZDCAD Testing the 1D MA50 and following exactly our plan
The NZDCAD pair couldn't have traded better lately as it has been following exactly the trading plan we posted on June 17:
As you see after a rebound to the 1D MA50 (blue trend-line) and rejection, the pair made a Lower Low exactly at the bottom of both the Bearish Megaphone and Channel Down patterns, which is where we advised for a buy. Since then has been slowly rising for the past 2 weeks and is now again testing the 1D MA50. A break above, justifies our expectation that all this price action since March has a mirror pattern of March - July 2021. The target is at least the 1D MA200 (orange trend-line).
On the other hand, if the price gets rejected on the 1D MA50, be ready to take an opposite position and sell targeting the 2.0 Fibonacci extension, which is what took place on the December 30 2021 rejection.
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As you see after a rebound to the 1D MA50 (blue trend-line) and rejection, the pair made a Lower Low exactly at the bottom of both the Bearish Megaphone and Channel Down patterns, which is where we advised for a buy. Since then has been slowly rising for the past 2 weeks and is now again testing the 1D MA50. A break above, justifies our expectation that all this price action since March has a mirror pattern of March - July 2021. The target is at least the 1D MA200 (orange trend-line).
On the other hand, if the price gets rejected on the 1D MA50, be ready to take an opposite position and sell targeting the 2.0 Fibonacci extension, which is what took place on the December 30 2021 rejection.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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