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Nzdcadlong

NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9120 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our first support at 0.9021 (61.8% Fibonacci extension, 61.8% Fibonacci retracement). Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by easyMarkets
COULD NZDCAD OFFER SIGNIFICANT LONG TERM UPSIDE MOVE?Hi Traders, The 4-hour chart of NZDCAD shows a bullish move from October 2018 as a classic five-wave impulse in wave (A) "black." According to the Elliott Wave theory, a three-wave correction in the opposite direction follows every impulse pattern. And indeed, the rest of the chart reveals an A-B-C zigzag correction in wave (B) that rejected the 38.2 Fib ratio and support level so far. . If this count is correct, there is a complete 5-3 cycle to the upside, and this means another five-wave bullish impulse can be expected in wave (C) from now on. . Given that the bulls already made the first impulse in wave 1 of (C), and we have a three-wave a-b-c regular flat pattern in wave 2 of (C) that reversed from 78.6 Fib ratio, a bullish continuation is expected in 3 of (C) whose potential target lies between 1.618 - 2.618 as planned on the chart. . The Friday's bullish engulfing candle on the Daily chart further confirm the completion of wave 2 correction and could be used as a signal to enter the bullish setup. Safe Trading! Veejahbee.
Long
by Veejahbee
NZDCAD approaching support, potential bounce! NZDCAD is approaching our first support at 0.9003 (horizontal overlap support, 50%, 100% Fibonacci extension) where we might see a corresponding bounce in price to our major resistance at 0.9094 (horizontal swing high resistance, 50% Fibonacci retracement). Stochastic (34,5,3) is also seeing a bullish divergence and is approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by easyMarkets
NZDCAD approaching support, potential bounce! NZDCAD is approaching our first support at 0.8921 (horizontal swing low support, 38.2% fiboancci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 0.8994 (horizontal swing high resistance, 38.2% fiboancci retracement). Stochastic (89,5,3) is approaching support and we might see a corresponding rise in price should it bounce off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9012 (horizontal pullback resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 0.8974 (Horizontal pullback support, 50% Fibonacci retracement). Stochastic (55, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks
Short
by Tickmill
NZDCAD approaching resistance, potential drop!NZDCAD is approaching our first resistance at 0.9086 (horizontal overlap resistance, 50% Fibonacci retracement , 100% fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 0.9001 (50% fibonacci retracement, horizontal pullback support). Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by easyMarkets
NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9164 (Horizontal swing high resistance, 61.8% fibonacci extension, 50% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 0.9077 (horizontal swing low support, 61.8% fibonacci extension). Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks
Short
by Tickmill
NZDCAD approaching resistance, potential drop!NZDCAD is approaching our first resistance at 0.9228 (horizontal swing high resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur pushing price down to our major support at 0.9061 (100% Fibonacci extension, 61.8% Fibonacci retracement). Stochastic (89,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill