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joshdonoghoe

NZDCAD SHORT TERM PULLBACK

Long
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (FX_IDC:NZDCAD)  
joshdonoghoe Updated   
FX_IDC:NZDCAD   NEW ZEALAND DOLLAR / CANADIAN DOLLAR
Trend Analysis Chart Patterns Technical Indicators NZDCAD LONG pullbacktrade pullbackbuy Technical Analysis
2
0
trendanalysis chartpattern indicator nzdcad long pullbacktrade pullbackbuy technicalanalysis
After the huge selloff on this pair, on the weekly/daily timeframes we have rejected a key support area as well as a long term trend line with a low test candle on the weekly and bullish momentum on the daily. After seeing this, I always look to the intra day charts to see if there is any sign on a trend change. What you can see is a triangle/falling wedge pattern with 4hr MACD divergence and price getting squeezed between the trendline and the key support zone. Right near the apex of the triangle, the bulls took over and made a clear higher high. I am looking to take this first lower high with a good rejection of the 1hr 50ema (which has previously been great dynamic support/resistance), the pivot and 0.382 fibonacci. I will be targeting 0.90 as this has been a respected price in the past.
Comment:
Trade closed for a nice profit
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