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NZDCAD – Approaching Key Support Zone & Potential Buy Setup | Apr 9
Chris Capre’s live price action and ichimoku trades: EURUSD, GBPUSD, EU50, AUDJPY INR.FR, BIR, TLS
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NZDCAD – Key Support Zone, Potential Buy Setup (daily chart)
Price Action Context
After some heavy impulsive selling, the NZDCAD is approaching a major support zone between 8900-9000 that has held since November of last year. This zone has held about 5 other attempts in the past, with each of them bouncing between 100-300 pips, offering a potential buy setup.
We’re currently in a large corrective structure since late last year after a large bullish move. If the support zone breaks, it would likely add some technical sellers into the market while holding the zone and re-attacking the resistance near 9200 would embolden the bulls.
Key Support & Resistance Zones
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