NZDCAD: Targeting the 1D MA200

NZDCAD just turned bullish on the 1D technical outlook (RSI = 56.955, MACD = 0.000, ADX = 22.539) as it rebounded on the 1D MA50. The signs for this rally emerged after a Double Bottom Zone emerged, following a nearly 5 month RSI Bullish Divergence on HL, which indicates that we may be initiating a new long term bullish trend.

Our focus for now is on the short term though as we go long, targeting the R1 level (TP = 0.82175) and a potential touch with the 1D MA200. That will be a new LH for the Bearish Megaphone pattern.

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