NZDCAD POSSIBLE SCENARIOS

Jul 5, 2020

We've this long holding channel of NZDCAD which we just broke above the upper bound of the channel, we are almost getting to the zone marked RED in my chart a zone where supports turn resistances in MAY 2019 which set price to trade lower for a year and we are now getting to the zone.

Probably we will see some rejection in the zone for possible double bottom reversal pattern to the 0.8800 zone, if the zone hold the 0.8800 then we will continue in the uptrend and if we break the zone that will set price to trade lower below 0.8800

Or if price get to the 0.8920 zone break above, retest and hold which will set price to trade higher and the next zone will be at 0.9250

Jul 7, 2020

Note

We've price up at the 0.8920 zone as our target from weekend outlook, that's about 60pips profit we caught there..
I will be looking out for price action in this zone, if we can have a 4H rejection candle maybe we will see a reversal to the 0.8800 and a break above and retest will set price higher as the mark up indicates