NZDCAD Potential Bullish Bounce | 22nd March 2022
On the H4, price is abiding to the ascending trendline. Price is near pivot level of 0.86556 in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Price can move towards the take profit level of 0.87215 which is in line with 127.2% Fibonacci extension and 61.8% Fibonacci projection. Our bullish bias is supported by the how price is expected to bounce off the support of the RSI indicator. Alternatively, price might dip to the stop loss level at 0.86169 which is in line with 100% Fibonacci projection, along with a graphical pullback support.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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