The NZDCAD is about to test the strength of the ascending trend line. If it manages to break down below it on the third attempt, this would likely allow the pair to probe breaking even further down south - towards the previous swing low.
Upon completing the last 1-5 Elliott Wave Pattern, the pair is currently developing a corrective ABC pattern. Notice that the AB retracement is taking the form of a Dead Cat Bounce, which confirms the bearish expectations. Moreover, the Bounce peaked below the 50-day MA, which represents yet another selling indication.
Hi Trendsharks,
Wonderful analysis there, good job.
Here's one relevant resistance level I'd like to share with you and hear your comment: Cheers,
-Dale
Trendsharks
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@Trader_Dale, Hey Dale, Yes, the chart, as you have presented it, looks really convincing. Notice the emerging Flag at the dip of the Downtrend. This bullish pullback looks quite fragile, so it may even peak before the Resistance Area is reached
Trader_Dale
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@Trendsharks, that's true! We'll see what happens.
Wonderful analysis there, good job.
Here's one relevant resistance level I'd like to share with you and hear your comment:
Cheers,
-Dale