NZDCAD broke above descending trendline support! Further rise incoming!

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NZDCAD broke above descending trendline resistance (now support) to the upside. A further push up above our 1st support at 0.89367 towards 1st resistance at 0.89685 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 0.89367

Reason for Entry:

38.20% Fibonacci retracement, descending trendline support

Take Profit: 0.89685

Reason for Take Profit:

61.8% and -61.8% Fibonacci retracement

Stop Loss: 0.89229

Reason for Stop Loss:

Graphical swing low

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