NZDCAD approaching 1st support, potential bounce!

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Price is approaching 1st support, which is in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. We could see a bounce and further rise towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching support where price has bounced from in the past, showing possible bullish pressure.

Trading Recommendation

Entry: 0.86883

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.87813

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.86307

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

The material has been provided by InstaForex Company - www.instaforex.com

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