NZDCAD – Approaching Key Support Zone & Potential Buy Setup | Apr 9

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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.

nzdcad-forex-key-support-2ndskiesforex

Trending Analysis

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

R: 9215-9275

S: 9000-8900

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