NZDCAD reacting above key support! Bounce incoming!

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NZDCAD reacting above key support at 0.87802. A short term bounce towards descending trendline resistance and 1st resistance at 0.88207 could be possible. RSI is testing support as well.

Trading Recommendation

Entry: 0.87802

Reason for Entry:

Graphical swing low support

Take Profit: 0.88207

Reason for Take Profit:

61.8% Fibonacci retracement, descending trendline resistance.

Stop Loss: 0.87570

Reason for Stop Loss:

161.8% Fibonacci extension

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

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