NZD/CAD Price Analysis: Bulls look for a break of critical resistance

NZD/CAD is bullish on the longer-term charts.
The monthly and daily charts are in synch.

Ross J Burland FXStreet

NZD/CAD bulls are eying up an opportunity to the upside based on the confluence f the monthly and daily chart time frames and market structures.

The following is a top-down analysis that illustrates the prospects for a run towards a test of the 0.89 area.

Monthly chart

As can be seen, the price has pulled back into a deep Fibonacci retracement which creates a bullish prospect in an extension to the upside.

Daily chart

The daily chart offers the same price formation and market structure.

4-hour chart

From a 4-hour perspective, where the price can be monitored for an optimal entry, there is still too much bearish structure while below the 21 moving average and until a break through the resistance.

On a retest of the old resistance, bulls can enjoy a higher risk to reward setup from a swing trading perspective.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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