$NZDCAD may extend higher

NZDCAD20160915113017

$NZDCAD Daily chart is showing that the instrument has broken above ((W)) peak on 12/29/2015 at 0.9573, suggesting that further upside is favored. From 8/24/2015 low, the instrument is showing a 7 swing sequence but the 7th swing has not reached the target at 1.005 – 1.0276 area. Furthermore, rally from 8/19/2016 low is showing what looks to be a 5 swing sequence, and this too support more upside.  Pullbacks now ideally stay above 0.943 low, but more importantly as far as 0.928 pivot stays intact, expect pair to extend to the upside towards 0.977 – 0.9886 area next to complete wave W and end cycle from 8/19 low. Afterwards, expect a larger wave X pullback in 3, 7, or 11 swing to correct cycle from 7/21 low (0.9085)  before pair resumes higher again towards 1.005 – 1.0275.

We bought this pair at the Live Trading Room on 9/8 at 0.9545 and currently still holding it risk free. At Live Trading Room, we provide a daily trade journal with limit, stop and risk to reward calculation.

NZDCAD

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