NZD/CAD Price Analysis: Target achieved ahead of RBNZ risk
- NZD/CAD bulls take on the weekly resistance area.
- Bulls will want to see any possible correction holding at the trendline support.
In an update to the running series of articles tracking the price and trade setup in NZD/CAD Price Analysis: Bulls seeking a continuation of the late Oct rally, the target was achieved ahead of the Reserve Bank of New Zealand risk today.
For a recap, the prior analysis as per the chart below offered bullish prospects on the daily chart as follows:
-637401319050551802.png)
4-hour chart
-637401322336664182.png)
The setup was for a 1:3 risk to reward opportunity.
Result: 3R
-637406489341133010.png)
From here, there are now prospects for higher highs on a break of the September highs to form an extended W-formation on the weekly chart:
-637406492811129517.png)
The trendline has a confluence with the 38.2% Fibonacci retracement level which could be a strong area of support on a possible correction from the weekly supply zone.
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.
