GeorgeZii

NZDCAD is about to trigger the waterfall effect

Short
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Price is on a 7-day long bullish rally with huge bullish daily candles flooding the markets. However something is cooked on the background. NZD has reached overbought levels since EURNZD and NZDUSD reached crucial zones where bulls started pushing NZD to the highs ( EURNZD lows).

CAD is being prepared for the next week's volatility burst due to US elections. Buyers are expected from me to visit the Canadian Dollar market. So technically speaking, we see a NZD really to be sold and a CAD ready to be bought. I don't know how you translate it but I would really love to see my favorite so-called "Waterfall Effect" being triggered.

Price is close to a dynamic resistance that will signal selling storm once kissed. However, for the time being, we notice a few doji daily candles that could mean that the downfall could start earlier. So don't be surprised and don't strictly wait for the 3rd touch to sell. Below, you can see a close look to the price and you will see clearer that price is about to fall.

Thanks for your time! Happy (and safe) trading!
Comment: 4H Outlook of the market...

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