Anticipating the Pullback: NZDCAD's Journey to the 0.618 Fib LevHey Traders,
It appears FX:NZDCAD is looking to make a pullback/correction after its last bearish impulse. I suspect that price will make its way to 0.82500 (which is also the 0.618 Fib level) before continuing to the downside.
Current Market Conditions:
Pullback Scenario: After a strong bearish impulse, a pullback to the 0.618 Fib level (0.82500) is anticipated before resuming the downtrend.
Key Levels: The 0.82500 level aligns with the 0.618 Fibonacci retracement, adding significance to this potential resistance.
Targets:
TP1: 0.82250
TP2: 0.82500
TP3: 0.82900
TP4: 0.83350
Risk Management:
Stop-Loss: Set stop-loss at 0.81050 to manage risk and protect against unexpected moves.
Consider profit-taking at the specified target points (TP1, TP2, TP3, TP4).
Conclusion:
The expected pullback in NZDCAD offers an opportunity to capitalize on a potential correction before the bearish trend resumes. Monitor the price action around the 0.618 Fib level for confirmation and trade adjustments.
I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
Trading Insight: "Stay patient, trade smart, and let the market's rhythm guide your strategy!"
