NZDCAD Buy upon a pull-back, target the 1D MA200
The NZDCAD pair has been trading on a Channel Down within a Bearish Megaphone pattern. Right now the price is testing the 1D MA50 (blue trend-line) as a Resistance and is struggling, trading below it since April 13.
Both the 1D RSI and the candle action resembles the sequence at the start of the Megaphone, which after one last pull-back upon rejection on the 1D MA50, it rebounded to the Lower Highs. As a result, we will be waiting for one last opportunity to buy near the bottom of the Channel and target its top or the 1D MA200 (orange trend-line) should it come first.
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Both the 1D RSI and the candle action resembles the sequence at the start of the Megaphone, which after one last pull-back upon rejection on the 1D MA50, it rebounded to the Lower Highs. As a result, we will be waiting for one last opportunity to buy near the bottom of the Channel and target its top or the 1D MA200 (orange trend-line) should it come first.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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