NZD/CAD Possible Short soon? await price action
hey traders,
As we can see nzdusd has been in a uptrend since 23/24th March - we can see it is now approaching a key resistance zone. It last tested this region is June 2019 in which it dropped. If it fails to break this area again in 2020, retraces then retests the resistance but the buyers fail to push price higher..We could see a nice sell opportunity as this would also create a double top confluence as well as being at a key resistance zone.
If this set up plays out, i expect a pull back to the 0.5 fib region which also is around a good support area which is another confluence
However, if price breaks the resistance thus making it support, we could then look for buy opportunities - await price action
As we can see nzdusd has been in a uptrend since 23/24th March - we can see it is now approaching a key resistance zone. It last tested this region is June 2019 in which it dropped. If it fails to break this area again in 2020, retraces then retests the resistance but the buyers fail to push price higher..We could see a nice sell opportunity as this would also create a double top confluence as well as being at a key resistance zone.
If this set up plays out, i expect a pull back to the 0.5 fib region which also is around a good support area which is another confluence
However, if price breaks the resistance thus making it support, we could then look for buy opportunities - await price action