NZDCAD. Technical view
the price is in a uptrend and have constructed higher highs and higher lows.
on the chart we have a minute waves where wave ((iv)) is completed and the price is ready to move another leg up.
if the price beaks the 0.89690 it could go back to testing the 0.89180 level and invalidate the current technical analysis.
a cup and handle formation is also formed with a broadening wedge formation as the handle, where a breakout and a retracement have occurred and therefore give another confirmation for the price to move higher, and follow the short term up trend.
If you look from the beginning of the cup to the end, a H&S formation is also showing its sight.
TP wil be at 0.91177 while a break of the level could drive the price to the next support/resistance area at 0.91765
Fibonacci is drawn from 0 to ((iii))
_________
A lot of important macro numbers is coming for this and next week, where we have GDP for CAD that is expected to fall short from the previous levels. while next week Cash rates and GDP for AUD is due. the cash rate is expected to hold a steady level, and could effect the price of NZD.
_________
Enjoy :)
on the chart we have a minute waves where wave ((iv)) is completed and the price is ready to move another leg up.
if the price beaks the 0.89690 it could go back to testing the 0.89180 level and invalidate the current technical analysis.
a cup and handle formation is also formed with a broadening wedge formation as the handle, where a breakout and a retracement have occurred and therefore give another confirmation for the price to move higher, and follow the short term up trend.
If you look from the beginning of the cup to the end, a H&S formation is also showing its sight.
TP wil be at 0.91177 while a break of the level could drive the price to the next support/resistance area at 0.91765
Fibonacci is drawn from 0 to ((iii))
_________
A lot of important macro numbers is coming for this and next week, where we have GDP for CAD that is expected to fall short from the previous levels. while next week Cash rates and GDP for AUD is due. the cash rate is expected to hold a steady level, and could effect the price of NZD.
_________
Enjoy :)
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