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NZD/CAD saved by a weekly trendline

Nzd/Cad seems to be on the way down at the moment
but has formed a weekly trendline that is bullish and can act as a support for the pair
The trendline has formed on the 61.8% fibonacci retracement level of the last weekly move up
and therefore should provide strong support,
as this is a natural retracement level as it is
Nzd/Cad weekly chart
On the daily chart we can see the price moving down towards this trendline
presumably to retest it - we also see the RSI moving up, indicating buyers in th…
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AdamFx42 avatar
AdamFx42 30 Oct.

price is now moving exactly as I predicted it would - that is nice :-)
Continuation of recent move back up from the test of weekly lower border
should lead the price towards my target

AdamFx42 avatar
AdamFx42 5 Nov.

price action still going as expected - about 80 pips below target now

AdamFx42 avatar
AdamFx42 10 Nov.

Target almost reached now  - price playing out exactly as I predicted,
still moving up slowly now towards target around 0.887 with 50% fibonacci weekly retracement now broken definitely, 100% fibonacci daily expansion just below 0.89 next target,
which I predicted would hold price below it until end of month

AdamFx42 avatar
AdamFx42 15 Nov.

Price has broken above 0.89 - but moving down again now,
0.90 has held the move up as predicted - this is the 38.2% weekly fibonacci retracement level,
looking for the price to hold around 0.89 now

AdamFx42 avatar
AdamFx42 26 Nov.

0.89 looks to be resistance now - price is holding above 0.88, which will hopefully act as support,
need 40 pips to the upside for my target

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