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.
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
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