Glimpse of hope on the choppy NZDCAD ?

Price on the NZDCAD has broken above a major daily resistance level, as the daily chart show below. The picture below show the major daily level that should be considered and how it becomes crucial either the price will retest and rejecting the level or the price will move lower and breaks the level.

Recently, the price on its way to retest the daily resistance level after making a break higher. These happen in the market where price is so choppy. If you take a look at the left side of the chart, there are a lot of levels should be considered and  a battle between bull and bear.

There is a glimpse of hope on this pair if the price could retest the level and start forming bullish signal. The previous movement on NZDCAD shows some double bottom around 0.8700. Price rejected the level twice before moved higher and break the old resistance/new support level. But, with the market that still choppy on this pair, I will manage the trade very carefully and tightly.

NZDCAD daily chart

NZDCADDaily-160602

NZDCAD 4-hour chart

NZDCADH4-160602

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