Daily Video Analysis: NZDCAD approaching support, potential for a bounce!

Today we take a look at NZDCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching the buy entry, which is in line with 127.2% Fibonacci extension and horizontal swing low support, where we could see a bounce and further rise towards the take profit level, which is in line with 61.8% Fibonacci retracement and descending trendline resistance. RSI is also approaching the lower support where it has reacted off before, showing signs of bullish pressure in line with our analysis.

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

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