NZDCAD - BUY - 19th July 2022




NZDCAD - BUY - 19th July 2022 (Closed)


Afternoon team,

 

We are taking a long position on the NZDCAD which has broken out of a falling wedge structure to the upside at a major support zone. Furthermore, there has been a five wave impulsive move to the upside followed by an A-B-C correction on the shorter term time frame, which has set up an inverse head and shoulders structure. This indicates a move to the upside may unfold.

NZDCAD 2 Day Chart

Falling wedge breakout, bullish divergence and a MACD cross over to the upside.

NZDCAD 15 Min Chart

Trade Setup: BUY market execution, current price 0.7987, stop loss 0.7904 and take profit target 0.8211.

Stop loss: 83 pips

Take profit: 224 pips

Trade Setup
BUY - Market Execution

Entry
0.7987

Take Profit
0.8211

Stop Loss
0.7904