NZD/CAD Price Analysis: Bulls seeking a continuation of the late Oct rally

Ross J Burland FXStreet

NZD/CAD bulls remain in the driving stet as price extends above key support.
0.8900 area remains on the map on a break of key resistance.

NZD/CAD has started out the week with a bullish bias in what is shaping up to be a potential bullish continuation of the 21st October impulse in a story that was first covered here: NZD/CAD Price Analysis: Bulls look for a break of critical resistance.

An update of the trade suggestion and analysis was made here:

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

For a recap, the prior analysis explained that the pair could extend to at least a test of the -272% Fibonacci of the Oct 28 correction’s tops.

A swing trade setup was illustrated as follows:

4-hour chart

Entry 1:3 R/R

The buy limit order was triggered and the price subsequently rallied.

It was explained that a pullback was expected but the stop loss could be moved to breakeven as the price had formed a new support structure.

Update

The price has, so far, held above the breakeven point and is building towards a break of the Oct 28 highs.

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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