According to my analysis, the New Zealand dollar against the Canadian dollar (NZDCAD) is expected to experience a bearish trend. This assessment is based on the presence of a Hidden Bearish Divergence on the 1-hour timeframe, which indicates a potential reversal zone.
A Hidden Bearish Divergence occurs when the price of an asset forms higher highs, but the corresponding indicator, in this case, NZDCAD, shows lower highs. This discrepancy suggests a potential shift in momentum and often signals an upcoming reversal to the downside.
Therefore, considering the presence of Hidden Bearish Divergence on the 1-hour chart of NZDCAD, it suggests that the NZD may weaken against the CAD, indicating a bearish outlook for NZDCAD. However, it's important to remember that technical analysis is not infallible, and other factors such as fundamental analysis and market conditions should also be considered before making any trading decisions.
A Hidden Bearish Divergence occurs when the price of an asset forms higher highs, but the corresponding indicator, in this case, NZDCAD, shows lower highs. This discrepancy suggests a potential shift in momentum and often signals an upcoming reversal to the downside.
Therefore, considering the presence of Hidden Bearish Divergence on the 1-hour chart of NZDCAD, it suggests that the NZD may weaken against the CAD, indicating a bearish outlook for NZDCAD. However, it's important to remember that technical analysis is not infallible, and other factors such as fundamental analysis and market conditions should also be considered before making any trading decisions.
Order cancelled:
Entry not hit invalid setup.
