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

Chris Capre 2ndskiesforex

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

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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