First profit target for this setup is 0.7690 and then 0.7768 would be the ultimate target and you can go long when a four hour candle closed above 0.7590.
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First profit target for this setup is 0.7690 and then 0.7768 would be the ultimate target and you can go long when a four hour candle closed above 0.7590.
Present price levels are sufficiently close to the resistance level of 0.8150 so we can place our first sales portion now and increase by a further portion in the event that the upwards direction continues towards the last resistance level of 0.8250.
NZDCAD M15 Chart Price Action Analysis:
NZDCAD is in a kind of ranging now, which is reflected by the EMA's aswell. Long positions are more advised to take because we are in an upward channel. Look for breakout from this range.
We would point out that a closure above the level of 0.8300 will be used as a warning for an immediate realization of a sell position. The forecast for the fall is to the low support level of 0.7200 for the medium to long term
The price has recently broken through the upper resistance trendline of this Pennant coinciding with the resistance at 0.8000 and is expected to rise further toward the Forecast Area set between price levels 0.8139 and 0.8265.
Effectively, the pair has two strong resistance levels and each one could signal the end of present rises and the move to a new wave of decreases.
Canadian dollar pair continues to stretch its limits as it come closer to the last resistance level that defines the huge shuffling range for the pair, a shuffling pattern that results from the pair's weekly graph
we take into account recent economic data, noting the ascending channel formation dating back to June 14th as the pair ranges between the 76.4% and 100% long-term Fibonacci extensions taken from the June 9th 2010 and March 17th 2011 troughs.
Although building permits released overnight out of New Zealand were weaker than expected, markets reacted well on an upward revision of the previous months print from -1.6% to -1.2%, suggesting the housing market may not have been quite as weak as anticipated
risk sentiment cannot be the basis for our bias here. Instead we take into account recent economic data, noting the ascending channel formation dating back to June 14th as the pair ranges between the 76.4% and 100% long-term Fibonacci extensions taken from the June 9th 2010 and March 17th 2011 troughs.