The weekly chart highlights buyers emerging close to the 61.8% Fibonacci level. However, there is no clear indication of a change in trend.
We have bespoke resistance located at 0.8235 and 0.8238. When these levels collide, they add weight to the barrier. The point of control (PoC) from Thursday the 27th of July is located inside this zone at 0.8237.
We will complete a bearish Bat formation at 0.8241. This pattern will be invalidated on a move through the previous swing high at 0.8260.
This offers a solid risk-reward factor of 5R.
I am selling NZD/CAD at 0.8235
SL: 0.8265
TP1: 0.8085
Risk/Reward factor of 5(R)
We have bespoke resistance located at 0.8235 and 0.8238. When these levels collide, they add weight to the barrier. The point of control (PoC) from Thursday the 27th of July is located inside this zone at 0.8237.
We will complete a bearish Bat formation at 0.8241. This pattern will be invalidated on a move through the previous swing high at 0.8260.
This offers a solid risk-reward factor of 5R.
I am selling NZD/CAD at 0.8235
SL: 0.8265
TP1: 0.8085
Risk/Reward factor of 5(R)