Possible NZDCAD short opportunity may be incoming. On the weekly chart, price had a really nice rejection off the 0.90800 price level. And on the daily, price had also been rejecting 0.90800 price level multiple times before price decided to sell off. On the 1HR time frame, price seemed to have found support & is currently oversold on both the Stochostic & RSI along with decreased volume. A retest in the price range of 0.90500 - 0.90800 (Grey Highlighted Box) may be incoming & would make a nice area to short this pair to 0.89500 - 0.89200
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Price currently is at our area of interest (Highlights box). If price respects this level, we can expect price to head further down towards our price target.
For now, we'll watch price action to determine when to enter a position if the opportunity appears.
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Price had been rejecting off 0.90600 multiple times on the 1HR time frame. I am looking to short this pair here, or if price retest 0.90600 again.
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A nice rejection off 0.90600 and 4Hr candle closed below the 50MA
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Support broke with the massive sell off. Take profit here or attempt for 0.89200