MichaelCollins18
Short

NZD/CAD Bearish Butterfly- Daily chart

OANDA:NZDCAD   NZD/CAD
Hi guys, here we have a Bearish butterfly pattern formed on the NZD/CAD currency pairs on a daily chart , this is a potential trading opportunity with a risk reward of just over 1:2

The valid measurements for a butterfly confirmation are:
A-B: 0.786
A-C: 0.382-0.886
B-D: 1.618-2.24
X-D:1.272

I'm delaying entry on this trade because both ZND and CAD are performing weakly right now, I will wait for the overnight news announcement, test of the resistance and MACD to begin to show a sell off.

I hope you's all day a great week again trading folk and good luck.

Sorry that the pattern has been slightly obscured by the fibonacci tool

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