NZDCAD has recently established lows and highs at higher levels and has managed to break high from 3rd May, indicating a short-term upward trend. It is also worth noting that price stays over 20 periodic SMA since the end of last week.
After reaching supply zone at the end of February occurred a correction at level 0.9593. Abolition of recent upswing can now be used to play long.
Pair entered abolition zone 33-66% of last upward movement, and additionally tested 20-period SMA and horizontal support at 0.9525. There, on M30 chart, was also sought buy signal that appeared this morning:
Price Action Strategy-based signal was generated when candle marked with price (0.95567), closed breaking the last high. SL in this transaction was under the last low (arrow up). Price quickly reached first target at 1R level, which allowed us to take profit and secure the second position on break even.
After successfully breaking new max/resistance at 0.9593 we will be looking for further opportunities to buy after correction.
