From TradingView · · 1m 20s
NZDCAD leans on a trendline that keeps paying
A long-running ascending trendline is being retested at 0.8010, and the setup points back up toward 0.8270.
In brief
A long-running ascending trendline is being retested at 0.8010, and the setup points back up toward 0.8270. The trade is a trendline retest: bulls need a daily close holding 0.8010 before the 0.8270 to 0.8290 zone comes into play. Originally reported by TradingView.
The trendline that keeps working
NZD/CAD has been respecting a long-term ascending trendline as support. Each prior swing down to that line turned into a clean buying opportunity.
“a long-term Ascending Trendline (Support) that has provided multiple clean buying opportunities”
Price is back at the line
The pair is retesting that same support now, around the 0.8010 region. It is the fourth or fifth visit to a level that has held before.
Support sits at 0.8010
That is the level doing the work. Below it, the whole bullish structure of higher lows stops making sense.
“Support (Trendline) : 0.8010”
Resistance is 0.8270 to 0.8290
The upside target is a zone, not a single price. Sellers have shown up in that band before, so it is where the move would be expected to stall.
“Resistance Zone : 0.8270 - 0.8290”
Wait for the daily close
The trigger is confirmation, not a touch. A daily candle closing above the trendline is what turns the retest into a long.
“If the trendline holds firm on daily candle confirmation”
An idea, not advice
This is one trader's published chart on TradingView, and the platform says plainly it is not investment advice. Size and manage the risk yourself.
“The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice”
The bottom line
The trade is a trendline retest: bulls need a daily close holding 0.8010 before the 0.8270 to 0.8290 zone comes into play.
