NZDCAD Buy settup
Updated
Hello, as we can see from a daily perspective, the trend was a downtrend until the price reached and rejected the support level.
On 4H, we can see the formation of higher highs and higher lows indicating the structural change from a bearish to a bullish structure.
On 1H, the price is moving in ascending trendline where it has already made two touches on the trendline and broke above the support level.
My bias for NZDCAD is bullish so I will wait for the price to retest the support level which is also a 50% - 60% Fibonacci retracement level and make a third touch of ascending trend line if there will be confirmation I will take a long position.
On 4H, we can see the formation of higher highs and higher lows indicating the structural change from a bearish to a bullish structure.
On 1H, the price is moving in ascending trendline where it has already made two touches on the trendline and broke above the support level.
My bias for NZDCAD is bullish so I will wait for the price to retest the support level which is also a 50% - 60% Fibonacci retracement level and make a third touch of ascending trend line if there will be confirmation I will take a long position.
Trade active
Price retested the suport level, formed a bullish rejection candle and then made an impulse move towards 0.8400 level
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