NZDCAD has spent almost year floating in the top of the resistance area created by the range the pair has been in since 2014. Looks like we may get a monthly bearish doji created at the end of this week. If so, I'll likely enter short targeting between 0.84 and 0.865.
Looking back to my previous NZDCAD analysis I also recognize that this could be the potential turning point for a long term bearish cycle for the pair. A break of 0.82 I think would confirm that hypothesis and trigger me to start continuously look for short opportunities on the pair.
Looking back to my previous NZDCAD analysis I also recognize that this could be the potential turning point for a long term bearish cycle for the pair. A break of 0.82 I think would confirm that hypothesis and trigger me to start continuously look for short opportunities on the pair.
Comment:
Major Support has now been broken. I'm looking for and entering shorts on intraday time frames until I see signs of bearish momentum stop on the weekly or monthly time frames.
