NZDCAD – Strong Buying From MT Key Support (4h chart)

Price Action Context

Since price broke above 0.89 in November last year, bulls have successfully defended this area and rejected lower prices, creating a well-defined MT key support zone. Yesterday, bears launched another strong attack on this zone, but during the Asian session, bulls again stepped in with force which resulted in strong impulsive buying, taking the pair roughly 150 pips higher within 2 hours.

Trending Analysis

MT bias is bullish and bulls can look for possible trading locations on weak pullbacks into the key support.

Key Support & Resistance Zones

R: 0.9225 – 0.9255
S: 0.8900 – 0.8960

Trading Foreign Exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advisce from an independent financial advisor if you have any doubts.