NZDCAD - Head and Shoulders at Retest of trendline and Resistanc
Late feb we broke down from a pretty relevant trendline in NZDCAD (solid blue line)
We are not retracing back into a massive resistancearea at the dashed blue lower angled trendline, as well as previous support as well as the near perfect retest of the talked about (solid) blue upward trendline. As a bonus we are also somewhat at the 618 retracment of the last swing low.
in this - like i said - very important zone of resistance we are now forming a head and shoulders. so look for sells if we can break below it. downside potential is quite big.
We are not retracing back into a massive resistancearea at the dashed blue lower angled trendline, as well as previous support as well as the near perfect retest of the talked about (solid) blue upward trendline. As a bonus we are also somewhat at the 618 retracment of the last swing low.
in this - like i said - very important zone of resistance we are now forming a head and shoulders. so look for sells if we can break below it. downside potential is quite big.
Comment:
here the bigger picture
Trade active:
breakout happened pretty quickly. here is my rough target setup. pretty good risk reward overall
