NZDCAD CUPPED IN A BULLISH EXPECTATION

Tendency: Uptrend ( Bullish )
Structure: Rounding Bottom pattern
Observation: i. The pattern represents a gradual price shift from bearish to bullish
ii. Price drops from X to A, which slowly switches to a range followed by a price action gaining momentum to the upside.
iii. The neckline is confirmed at the 0.86500 zone.
iv. The rounded bottom breakout is confirmed when the price penetrates the neckline in a bullish direction.
v. Expecting a possible retracement forming a cup with handle pattern before continuation of rally
Trading plan: BUY now or after completion of retracement with TP1, TP2 and TP3 @ 440pips and SL @ 0.84000/0.83000zone.
Risk/Reward: 1/2
Potential Duration: 20 to 30days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for follow up structures on lower time frame as price action is been monitored.


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