TradeCityPro | NZDCAD : Approaching Key Support Levels

11 בדצמ׳

👋 Welcome to TradeCityPro!
In this analysis, I will review the NZDCAD forex pair for you. The analysis will be conducted on the daily timeframe.

📅 In this timeframe, a gradually sloping upward channel can be observed, with the price currently positioned near the bottom of the channel. The nearest support level to the current price is at 0.81376.

🧩 If the RSI manages to stabilize above 56.22, upward momentum could enter the market, allowing the price to potentially move towards the 0.83869 level.

📈 If 0.83869 is broken, the next resistance level will be at 0.86836, which approximately overlaps with the upper boundary of the ascending channel.

🔽 In the bearish scenario, as mentioned earlier, the first support level is 0.81376, and if this area is broken, the next support level will be 0.79789, which is one of the strongest support zones on the chart.

🔑 Overall, considering the more bearish momentum and the gentle slope of the ascending channel, I believe the likelihood of the channel breaking downward is quite high.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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