Hi Traders! We have a perfect NZDCAD buy opportunity from magnet zone.
NZDCAD Daily Chart:
On the Daily chart the price has created a range with the highs reaching the same resistance zone and lows reaching same support zone. There are two false breaks which confirms this range is a valid one. We have a potential special cycle (as shown in the screenshot) that has formed inside it now.
Now we may expect a potential divergence to form as well. Also we have a uptrend line and the price is expected to reach this line which coincides along with the bottom of the horizontal range.
On the H4 chart, the price has reached the magnet zone.
So from this zone and a bit lower we can start looking for buy opportunities with trend lines breakout or FLC based entry.
Invalidation would be the breakout below the D1 channel (False break is okay).
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