NZD/CAD playbook going to plan for a risk free 3X position

NZD/CAD has burst to the upside from a key support structure, en-route to the target.
NZD/CAD is playing out in a bullish continuation.

Ross J Burland FXStreet

In a continuation of the following analysis from Thursday's Asian session, NZD/CAD Price Analysis: Bulls look for a break of critical resistance, the price has played out according to the trade-plan, so far.

As a recap, in the prior analysis, an opportunity on the daily time frame was identified for a long entry on a buy limit from the 4-hour structure for a discount.

Daily chart

4-hour chart

Meanwhile, the price action since the analysis has played out as follows:

As it stands, the price has rallied strongly and would be respected to correct.

However, it would be prudent to move the stop loss to breakeven at this juncture for a risk-free position that has the potential to return 3X.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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