nzdcad buy trade

4 Mar

Overall Trend:

NZD/CAD has been in an uptrend.
Recent price action shows higher lows, indicating bullish momentum.

Bullish Divergence:

On the MACD indicator, we observe bullish divergence.
This signals a potential reversal to the upside.

Triple Bottom Formation:

A triple bottom pattern has formed.
This pattern often precedes a bullish move.

Fibonacci Retracement:

The entry zone lies between 38.2% and 61.8% Fibonacci retracement levels.
This aligns with the triple bottom formation.

Oversold Conditions:

Despite the downtrend, NZD/CAD is oversold on the 2-hour timeframe.
A bounce from this level is likely.