NZDCAD Bullish Cypher Pattern and Shorterterm Bullish Correction Opportunity
Description: NZDCAD completed a Bullish Cypher Harmonic Pattern at D. Structural completion level is 78.6% of XC leg. Bearish Monentum is very strong on the pair, therefore the pair droped to 88.6% of XC. This gives us a better risk reward ratio on this trade setup. Please note that, we predict the pair will continue its bearish move after a correction. Only the intraday traders and scalpers can use this setup.
Pair / Instrument:NZDCAD
Time Frame: H1
The trend in the Timeframe: BEARISH
The trend in the Daily Chart: BEARISH
Trade Based On: Bullish Cypher Pattern
Recommended Lot Size: 0.20 @ 10 K Account with 1:100 Leverage
AREA OF THE ENTRY: 0.85420 – 0.85290 ( MM 1/8 Overshoot Level)
STOP LOSS: Below 0.85100
TARGET 1: 0.85600
TARGET 2: 0.85750
TARGET 3: 0.85900
You can follow the trade:NZDCAD Bullish Cypher
Note:If the pattern does not work as predicted, minor retracement will be at 0.84800 – 0.84700 zone based on bullish butterfly which we will publish later.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
NZDCAD Bullish Cypher Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.