From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/H1.
NZDCAD has been moving up since September 2015. As a result of these increases market in October last year broke a very important resistance at 0.9650 but these gains were soon negated. It is also worth noting that due to recent falls market has already overcome the bullish trend line.
Looking at weekly chart, we will notice that market has been moving for a long time in a consolidation. Taking into account that for the last time pair has rejected its lower limit, in near future we expect we may continue to grow and re-test the upper limit, which coincides precisely with the 61.8% Fibonacci correction from the previous downward impulse.
On H4 chart for the 0.9650 level mentioned above could be tested again, we would have first break local resistance of 0.9545.
Looking at 30 minute chart, however, market could at least make a downside correction and re-testing reject today’s resistance (now support) coinciding now with 50% of Fibonacci abolition from the last growth impulse.
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