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  • NZD/CAD bulls take on the weekly resistance area.
  • Bulls will want to see any possible correction holding at the trendline support.

In an update to the running series of articles tracking the price and trade setup in NZD/CAD Price Analysis: Bulls seeking a continuation of the late Oct rally, the target was achieved ahead of the Reserve Bank of New Zealand risk today. 

  • When is the RBNZ and how it could affect NZD/USD?

For a recap, the prior analysis as per the chart below offered bullish prospects on the daily chart as follows:

4-hour chart

The setup was for a 1:3 risk to reward opportunity. 

Result: 3R

From here, there are now prospects for higher highs on a break of the September highs to form an extended W-formation on the weekly chart:

The trendline has a confluence with the 38.2% Fibonacci retracement level which could be a strong area of support on a possible correction from the weekly supply zone.