Nzd/Cad – Buyers Maintain Strong Momentum, Targeting September Highs|Forex Analysis•Jaspe Njuguna

For six straight days trading session, this pair was in a strong bullish drive as market speculators ensured price action was in a buyers territory as they breached not only the falling deep wedge pattern formation but also the previous resistance zone area around price level handle of 0.876, now turned support area.

Market participants are now holding at strong familiar supply zone and resistance area and are pretty much waiting for the Canadas interest rate statement, coming out just an hour and half before new york open trading session and any actual number short of the forecasted digits will see retest and breach past this zone by buyers as they expose this supply zone as they target trading sessions highs of September.

2 hour chart;

Of course, ones discretion and risk management is advised.

Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.