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NZD/CAD: Possible long after break of the horizontal resistance

NZD/CAD:

Date: 1 November, 2016

H4 Graph: Short term Long

The price made a break of the horizontal resistance at 0,95900. The tendensy for long remains as the price makes higher lows. 50 МА moves above the 200 МА on H4. Close to the diagonal support, good level for long after break of horizontal resistance. Awaiting pullback on possible retest of the 0.95900 level.

nzdcadsfh4

Alternative Scenario: If the price moves below the horizontal support now and diagonal support, this will cancel the bullish view.

Technical Indicator:

DEM (14): – In the overbought zone

Price for Entry long around:0,9600

SL: 0.95500

Jr. Trader – S. Fuchedzhiev


 Varchev Traders


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