Potential NZDCAD Long Term Long Setup
As per previous analysis on this pair some months ago, NZD has appreciated against CAD in the latter half of 2016 and is currently retesting the 2014 High (also All-Time High) at $0.96565. Price has been trading below this key pivot level for 2 years and may finally be looking to continue the uptrend. Weekly is bullish with price sitting over the 200 weekly moving average and previous years highs at $0.96194. Watching for a weekly close above this resistance level before considering positioning myself long for a possible run towards parity at $1.
Note
No trade yet! NZDCAD breached the 2014 High but closed back down below the resistance and resulted in no trade. First break out is usually a fake out, so will be watching for a grind/consolidation under resistance in the form of higher lows, if there is a nice tight consolidation right under the 2014 High resistance, that increases the odds of the next test being a true breakout, will watch for now
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