After the RBNZ announcement cancelled the last NZDCAD
short, a new opportunity has presented itself. A bearish
WW has formed with the touch of the 2-4 parallel confluent with the 50% retracement
level. We also have a potential E point of an expanding triangle complete which may mark a larger reversal from these levels. On the daily chart
, the pair is contained within a bearish
expanding triangle and this could present an opportunity to ride it down toward point E on the larger TF. The unhit pivot
for June 2016 presents a nice target at which to take profit.
Again, be mindful of news events. It is a good idea to wait until the Poloz speech at 11:15EST for entry as this may present significant CAD volatility . Happy trading to all!
- Bearish Wolfe Wave complete
- Expanding triangle
- 50% retracement level
- Descending expanding triangle on daily TF
- Unhit June, 2016 pivot below price
- Bearish RSI Divergence
- RSI Overbought