Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair: NZD/CAD
⚪Technical Analysis: During the 20th of January 2021, the price got a strong bullish impulse on the main S/R zone at about 0.90500, moving up beginning an interesting ascending channel, many bounces on its dynamic lines are a confirmation of the channel's validity. On the 9th of February 2021, the price ended its uptrend on the level at about 0.92250, failing the attempt to reach one more time its dynamic resistance line, falling down breaking through its channel, re-testing with a pullback the same level. As we can see in the H4 chart, the price got many rejections on the current strong area at about 0.91500, and considering the weakness of this market, there is a possibility to see an upcoming bearish moviment.
🔴Conclusion: I'm confident to see the price getting an interesting retracement, considering the following reasons: - In the weekly chart, the price is moving with high volatility, closing the session with a strong bearish pinbar; Since March it's following a clear uptrend and many rejections on the level 0.92000 are a possible sign of retracement.
- In the daily perspective the price is consolidating since the 25th of January 2021;
- In the h4 chart, the price got an interesting pullback on its channel, and it currently re-testing the S/R zone at about 0.91500 and its EMA 200.
I'll be waiting for a proper breakout before planning my short position on this trade, my target would be the main trendline at the level at about 0.90800
Stay tuned for Updates and Trading Signals! What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️