NZD/CAD Buy Setup (4H Timeframe)Pair: NZD/CAD
Timeframe: 4H (4-hour)
🔍 Analysis:
Support Zone: Price has reached a weak low marked on the chart, potentially signaling a reversal or a bounce from support.
Volume Spike: Increased volume at the bottom suggests buying interest could be emerging.
Indicators:
Price is testing the lower end of the channel.
Recent BOS (Break of Structure) and market structure changes suggest potential bullish momentum.
MACD/Stochastic indicators might confirm oversold conditions (if observed).
🎯 Entry, TP & SL:
Entry: Near the 0.8125 level (current price).
Target (TP): Look for resistance levels near 0.8226 or 0.8250.
Stop-Loss (SL): Below the weak low at 0.8100 for risk management.
🗒️ Trade Reasoning:
With a confluence of technical factors, including strong support, a potential bottom formation, and increasing volume, NZD/CAD offers a favorable buy setup. Traders may consider this for a short-term bullish trade.
