NZDCAD REVISIT

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 (Impulse leg), which slowly switches to a range followed by a price action gaining momentum to the upside.
iii. The neckline is confirmed at the 0.86000 zone (psychological level).
iv. The rounded bottom breakout is confirmed when the price penetrated the neckline (0.86000) in a bullish direction with an engulfing candle.
v. Expecting completion of a cup with handle pattern before continuation of the rally.
Trading plan: BUY with minimum potential profit @ 515 pips.
Risk/Reward: 1/4
Potential Duration: 8 to 20 days

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

Watch this space or Telegram channel for updates on lower time frames as price action is been monitored.


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