Proposed long NZDCAD for the week of 11 May, 2020
Both NZD and CAD have made significant gains against the USD during the last week and to pick the stronger between the two is not easy. However, the NZDCAD chart does give us a good perspective.
The trend line shows a slow but consistent grind to the upside, yet a strong resistance at 0.85440. You can see at least 8 attempts to breakout at the top and to me it appears that success will come very soon. If there is another push to the bottom trend line, I will be happy to take a long. If that does not happen, I am also willing to take a trade at current price, the R/R is still good.
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As always please use sound money and risk management in all your trades.
The trend line shows a slow but consistent grind to the upside, yet a strong resistance at 0.85440. You can see at least 8 attempts to breakout at the top and to me it appears that success will come very soon. If there is another push to the bottom trend line, I will be happy to take a long. If that does not happen, I am also willing to take a trade at current price, the R/R is still good.
If you like this idea, please give a thumbs up and/or make a comment. If you like my work, please subscribe so that you get immediate notification.
As always please use sound money and risk management in all your trades.