NZD/CAD - Approaching Strong Resistance (Sell)
Hello Traders! Welcome to my post, today we are looking at NZD/CAD and we have identified the following confluences to support this high-probability setup:
-Approaching a major 61.8 and 38.2 Fibonacci retracement zone along with a trendline as resistance
-End of channel resistance
-Oversold conditions
Stop Loss: 0.87500
Targets: 0.85000, 0.84000, 0.83000, 0.8200, 0.81000, 0.80650
Risk to Reward Ratio: 5
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Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.
-Approaching a major 61.8 and 38.2 Fibonacci retracement zone along with a trendline as resistance
-End of channel resistance
-Oversold conditions
Stop Loss: 0.87500
Targets: 0.85000, 0.84000, 0.83000, 0.8200, 0.81000, 0.80650
Risk to Reward Ratio: 5
Thank you for reading this idea, I hope you learned something and I hope that this analysis will be beneficial for your trading.
If you're interesting in joining my free telegram channel where I provide free trade signals and updates, send me a message on here.
Feel free to share your opinion in the comments section below or send me a message in regards to any questions, feedback or suggestions that you may have.
If you consider this valuable to you, please show your support by hitting the Like button and Follow River Think for trade updates and more trade ideas!
Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.