NZDCAD Daily Analysis 11/24/19
Higher timeframe analysis for NCAD has been more bearish but on this daily time-frame we have seen a strong bullish trend that is not quite ready to drop.
Last week the major weekly resistance level was broken and is now being retested, price action also failed to reverse at our 38.2% fib level so we will look toward our next key fib level, the 61.8%.
If we see strong bullish setups off this weekly support we will look to target toward the 61.8%, monthly resistance and 200 ema around 0.86350 which is over 120+ pips away.
Be careful around that confluence area as it is an important zone that may show bearish volume and favor the overall higher time-frame bearish trend!
Last week the major weekly resistance level was broken and is now being retested, price action also failed to reverse at our 38.2% fib level so we will look toward our next key fib level, the 61.8%.
If we see strong bullish setups off this weekly support we will look to target toward the 61.8%, monthly resistance and 200 ema around 0.86350 which is over 120+ pips away.
Be careful around that confluence area as it is an important zone that may show bearish volume and favor the overall higher time-frame bearish trend!
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