Jai30

NZDCAD Potential Short Opportunity

Short
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD is looking very bearish . The overall trend of this pair is in a bearish . The market has recently hit the descending resistance and has struggled to continue bearish and is ranging. The market has hit the resistance of the 0.91000 psychological level. This level has seen the price test it and fall sharply bearish numerous times in the past. The most recent retest could be seen as a double top formation also. Anyway, due to the tall upper wicks forming at the 0.91000 resistance and the MA and EMA have just crossed over putting the EMA on the bottom.

The confluence for this to be bearish are the taller upper wicks, the price stall and seeming to reject 0.91000 psychological level, the MA and EMA cross over, the Doji looking candle which looks like an evening star formation all to name a few. I am bearish on this trade down to 0.90200 as the first target and the next target after that down to 0.89500 depending on price action at 0.90200.