NZD CAD potential reversal soon
This is purely my analysis. I will monitor the chart for the next few weeks and amend comments at the bottom.
Weekly: Trend is downwards.
Price is moving closer to 78.6 Level which acts as key support. As shown by yellow line on chart, look left.
I expect to see some signs of reversals coming soon when price touches the line.
Candle sticks are still bearish.
I would like to see a clear break of the trend line on the 1 hour or 4 hour charts.
If the line price pushes below the Yellow line then I expect a continual fall until strong support line at base.
Comment:
Rejection of support line (candlesticks and formed a double bottom)
Price turned bullish and broke beyond level.
Price has found support from a descending trendline not shown on chart (take last two highs and draw a line across. Expect another bullish push?
Price turned bullish and broke beyond level.
Price has found support from a descending trendline not shown on chart (take last two highs and draw a line across. Expect another bullish push?
Comment:
As predicted price made a strong bullish move
Going the the time frames shows a triangle consolidation pattern.
If the price penetrates above this line (0.8290), I believe the price should continue upwards. Scale down to 1hr and 15mins for clearer understanding.