analytics60892e1d6b316.jpg

NZDCAD broke above descending trendline resistance (now support) to the upside. A further push up above our 1st support at 0.89367 towards 1st resistance at 0.89685 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 0.89367

Reason for Entry:

38.20% Fibonacci retracement, descending trendline support

Take Profit: 0.89685

Reason for Take Profit:

61.8% and -61.8% Fibonacci retracement

Stop Loss: 0.89229

Reason for Stop Loss:

Graphical swing low

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.