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Nzdcadlong

NZD/CAD long setupNZD/CAD has held major trendline support at 0.8740 in last week's trade. The pair has edged higher to break 20-DMA resistance at 0.8922, bias higher. Technical indicators support upside in the pair. RSI and stochs are biased higher and MACD is showing a bullish crossover on signal line. Close above 20-DMA raises scope for upside, next major resistance seen at 0.9010. On the flipside, 20-DMA at 0.8922 is immediate support, we see weakness on break below. We evidence bullish divergence on RSI and Stochs which adds to bullish bias. Support levels - 0.8922 (20-DMA), 0.8876 (5-DMA), 0.8755 (trendline) Resistance levels - 0.8980 (23.6% Fib retrace of 0.9758 to 0.8740 fall), 0.9015 (trendline), 0.9113 (Aug 29 high) Good to go long on break above 0.9015, SL: 0.8920, TP: 0.91/ 0.9140/ 0.9170.
Long
by FxWirePro
NZDCAD - Long opportunity, gartley and 2618 in the background8 failed attempts to close below 0.92900. We find heavy support here looking back historically aswell. In the background we also see a completed gartley, and we also have a double bottom followed by a 61.8 retracement which acts as my entry point. The momentum is turning in our favor. IF, however, we break to the downside we will most likely find another interesting opportunity around 0.92700 level. This is why Im not placing stop loss below 0.92700 - because if we break down, my reasons for entry are violated and we will most likely see a fall, if even slight, below 0.92700 anyway, which would yield terrible R/R for this setup.
Long
by timmynorin