NZDCAD forms double bottom at superlow support

Discussion in 'Technical Analysis' started by SteveF, Oct 24, 2019.

  1. SteveF

    SteveF Active Trader

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  2. SteveF

    SteveF Active Trader

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    nzdcad_10-24-2019-2.jpg

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

    SteveF Active Trader

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    nzdcad_10-25-2019-2.jpg

    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


    nzdcad_10-25-2019-3.jpg
     
  4. SteveF

    SteveF Active Trader

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    NZDCAD,Daily.jpg

    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
     
  5. SteveF

    SteveF Active Trader

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    NZDCAD,Daily.jpg

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

    SteveF Active Trader

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    NZDCADweekly.jpg

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

    SteveF Active Trader

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    NZDCAD,Daily.jpg

    Buy area defined.....
     
  8. SteveF

    SteveF Active Trader

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    NZDCAD,Daily.jpg

    Long = entry, targets and stop on chart.
     
  9. SteveF

    SteveF Active Trader

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    NZDCAD,Daily2.jpg

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

    SteveF Active Trader

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    NZDCAD,Daily2.jpg

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

    SteveF Active Trader

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    NZDCAD,Daily2.jpg

    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.
     

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