FXtrades-gp

NZDCAD: Be ready to SHORT on this Opportunity!

Short
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
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🟢Forex Pair:
NZD/CAD

Technical Analysis:
Since November 2020, the price has been following an interesting trendline, bouncing on it many times during the last few months.
Once it reached the main resistance zone at about 0.92500 on the 6th of January 2020, it just quickly and heavily collapsed back to its main trendline, getting then, a strong trend correction.
It has currently re-testing the S/R zone at about 0.91500 and the next price action on this area will be essential to understand the next market movement.

🔴Conclusion:
The last bullish impulse wasn't able to break the 0.92000 level and it could be a nice sign of market weakness.
I'll be waiting for more sessions to understand properly the next direction but I'm currently confident to see the price falling down until the main trendline.
I'll update this idea with a clear Signal as soon as we'll get a clear rejection on that level.

Stay tuned for Updates and Trading Signals!
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Comments

you are making a good point
+1 Reply
@abel11, as always, many thanks! :)
Reply
I have a similar bias, thank you!
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, nice to know! many thanks guys
Reply
A break followed by a retest would be perfect
+1 Reply
FXtrades-gp Fisher_Fx
@Fisher_Fx, absolutely agree! thanks! :)
Reply
good luck brother
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, yup! let's see! :)
Reply
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