FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Price seems to be following this dark red Schiff down fork. The NZD has been very weak of late, while the CAD - contrary to what was observed not so long ago, but in March this year - has been very strong. It may continue down to the level of 0.91 or even lower. Is 0.90 going to be tested? I don't know, but if this trend accelerates, it's possible as well.
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Price is slowly approaching a decision area. I expect it to bounce off (or make a fakeout) of some of the red parallels and continue lower. If failed though, we'll have to deal with a breakout and a subsequent rally to the upper median parallel of the black fork and the level of 0.93, where the previous highs are.

+1 Reply
The market is taking its time.

And the same approach (i.e., bearish vantage point) on an hourly chart. Observing a weaker performance on an up fork.

When you're bullish and stalking to go short, I like to watch the market from the opposite vantage view and wait for the signs of bears' weakness,

It is trending down, so eventually it may get to above mentioned target, but in my opinion it is not the best time to enter this trade. Right now we are at the bottom of downsloping regression channel and bullish divergence shows on a CCI. See attached chart:

+1 Reply
Thanks for the comment. You are probably right that it would be best to wait higher for a better price to enter short.
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