NZDCAD forms double bottom at superlow support

[SteveF]

 

[SteveF]

gotta go somewhere......still waiting price action

 

[SteveF]

Reviewing the weekly chart above shows no sign of turning yet, weekly bar close is under support as is Friday's daily close. There is a tiny bit of bullish divergence showing....however price action is yet to be bullish

 

[SteveF]

It's not pretty, but the NZDCAD is taking a shot up. a retest of the 1.8400 area may be a good buy opportunity, or if you like lower support around 1.8350

 

[SteveF]

4 hour chart shows NZDCAD still bullish on the breakout up from bottom

 

[SteveF]

lots os serious resistance to get through on weekly....

 

[SteveF]

Buy area defined.....

 

[SteveF]

Long = entry, targets and stop on chart.

 

[SteveF]

Hourly chart shows details when trade was entered. Hopefully the "fakeout" will remain that way......

 

[SteveF]

still in the trade. basically didn't go too far today. About right at my entry now - 2 pips.

 

[SteveF]

The NZD surprise rate decision of no change helped my trade. Hit my TP right below resistance. Stop was 40 pips so 2.5 to 1 reward to risk.

 

[SteveF]

NZDCAD continues rise off the big monthly and weekly bottoms and break new higher highs.....the latest NZD strength and CAD weaknesses may make this pair a good buy to reach higher targets. I'll be buying pullbacks on this one

 

[SteveF]

awaiting price action - pullback to support is here .....

 

[SteveF]

so far so good we'll see what happens at first resistance

 

[SteveF]

Daily chart picture shows a good RR shot for the higher line and/or 200 Day moving average