NZDCAD Bullish Buy Opportunity at 0.83991

13 lug 2023

We have identified a potential buying opportunity in NZDCAD at 0.83991. The decision to enter a buy position is supported by the presence of a bull flag pattern on both the weekly and daily charts. This pattern suggests a potential continuation of the upward trend.

To manage risk, we recommend setting a stop loss at 0.82988. This level is strategically chosen to protect against a possible fake breakout and limit potential losses.

For potential profits, we suggest setting a take profit level at 0.89468, targeting the first supply zone. This area represents a significant resistance level where prices may encounter selling pressure.

Please note that trading involves risks, and it's essential to perform your own analysis before making any trading decisions.