NZDCAD a buying opportunity 🦐

Mar 13, 2023

Looking at the 4-hour chart of NZDCAD, we can see that the price has been forming a series of lower lows and lower highs, indicating a downtrend. However, this trend has been interrupted by a bounce off a monthly support level, suggesting a potential trend reversal.

After this bounce, the price formed an impulse that took it to a daily resistance level, where it experienced a retracement to the 0.786 Fibonacci level. This retracement is significant, as it often acts as a reversal point for price movements.

Since this retracement, the price has formed a new impulse and is currently testing a daily resistance level once again. If the price is able to break above this resistance level, we could see a continuation of the bullish trend.

The technical analysis suggests that the price of NZDCAD has the potential to continue its upward movement. Traders looking to take advantage of this potential could consider setting a long order if the price breaks above the daily resistance level according to the Plancton's strategy rules.

Mar 13, 2023

Note

break above as expected

Mar 14, 2023

Note

retesting now waiting for the inversion

Mar 15, 2023

Note

seem to be a perfect break and retest

Mar 17, 2023

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a deeper retracement to the 50%

Mar 20, 2023

Note

testing the weekly resistance