. There is a possibility of temporary retracement to suggested support line (0.8360). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Waiting for this to conform to my entry criteria, it has reached the zone looks like its forming a nice double bottom pattern at 61.8 area, could come down a bit further one to watch out for nice move possible to at least the previous high maybe further.
Been waiting for this set up, see my previous related chart.
Price has rejected the upside multiple time on the Daily timeframe indicating there isn't much buying pressure. On the 4H we have no closed below the 50ema which is another added confluence to a short trade. Along with all that, price fits perfectly into my Fibonacci "golden pocket" rejecting this area also is another added confluence.
Looks like a 5 wave structure complete in A wave up, will wait for a correction B wave and consider entry up. A reversal up from this area is also expected from higher timeframe analysis lets see how it plays out.