NZD/CAD Possible Short soon? await price action

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
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


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out