Thursday, September 11, 2014

Nzdcad Analysis

This pair is looking so interesting as a recognizable pattern is forming.
18th March this year signalled the end of the impulsive wave that started on 10th June,2013. Presently the price is correcting with a zigzag corrective pattern. 

We might not know when this correction will end for the bullish move to continue but we can calculate and forecast a possible reversal zone to end the correction.

The zone indicated below is very strong due to the confluence of  levels--50% of the impulsive 5-wave move, 161.8% extension of wave a from wave b,diagonal and and horizontal trendlines (strong support zone).

I will wait for the market to get to this zone and watch for action around there. If price doesnt penetrate the zone in high momentum, I will look for bullish reversal signals and buy...

Check the chart below to get the picture clearer.

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