FX.co ★ NZDCAD Potential For Bullish Continuation | 17th March

On the H4, price is abiding by the ascending trendline and near 1st resistance level of 0.87066 in line with 50% Fibonacci retracement. Price can potentially move towards 2nd resistance level of 0.88088 in line with 78.6% Fibonacci projection, along with a graphical swing high resistance. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively, price can potentially slump to the 2nd support level of 0.86432 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 0.87066

Reason for Entry: 50% Fibonacci retracement.

Take Profit: : 0.88088

Reason for Take Profit: 78.6% Fibonacci projection, along with a graphical swing high resistance.

Stop Loss: 0.86432

Reason for Stop Loss:

61.8% Fibonacci retracement.