NZDCAD Short

New Zealand Dollar/Canadian DollarFXCM

Description

⋅ Jul 11, 2015 2:18 PM

Weekly: Double top formation. Price broke and closed below the neckline a month ago.
Last week price pulled back close to the neckline and got rejected.
Will price continue to pull back and re-test neckline next week?

Comments

Technician

⋅ Jul 12, 2015 10:38 PM

YES, I am monitoring too

ElPatron.Y

⋅ Jul 11, 2015 4:20 PM

ElPatron.Y

⋅ Jul 11, 2015 4:22 PM

Daily RSI shows we need one more spike.

ElPatron.Y

⋅ Jul 11, 2015 4:22 PM

IvanLabrie

⋅ Jul 11, 2015 3:14 PM

A retest would be great, but not sure it'll happen.
Agreed 100% on the path though.
Might stop halfway before reaching the support below in your chart.

My NZDUSD:

Casey_Yeo

⋅ Jul 11, 2015 3:41 PM

Agree Ivan. Doubtful it will retest again. My gut feel is last week's rejection near neckline was the final spring to bounce it down. But we never know.

Casey_Yeo

⋅ Jul 11, 2015 3:42 PM

So you are seeing a bounce in NZDUSD coming soon?

IvanLabrie

⋅ Jul 11, 2015 4:22 PM

Definitely.
See this one too:

TahirAli

⋅ Jul 11, 2015 2:55 PM

Very good analysis Casey.I will keep this thing in my radar.

Casey_Yeo

⋅ Jul 11, 2015 3:40 PM

Thank you TahirAli for your kind comment.