NZDCAD - Approaching A Strong Support

12 avr. 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

NZDCAD is overall bearish trading inside the falling channel in orange and previously we have been trading it by looking for sell setups around the upper trendline and buy setups around the lower trendline.

Now NZDCAD is approaching the lower orange trendline again.

Moreover, the zone 0.83 is a strong support.

🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support and lower orange trendline. (acting as non-horizontal support)

As per my trading style:
As NZDCAD approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich