NZDCAD November 16th, 2023

The NZDCAD has been in a bearish trend since December 2022, forming a descending resistance trendline. The price is currently touching this resistance.

Possible Scenario 1: Breakout to the upside
If the price breaks above the resistance trendline, it could signal a reversal to the upside. This would be a bullish signal, and traders could look to buy NZDCAD.

Possible Scenario 2: Breakdown to the downside
If the price breaks below the resistance trendline, it could signal a continuation of the bearish trend. This would be a bearish signal, and traders could look to sell NZDCAD.

Possible Scenario 3: Bounce off the resistance trendline
The price could also bounce off the resistance trendline and continue to trade sideways. This would be a neutral signal, and traders would need to wait for further confirmation before taking a position.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.