NZDCAD have been the pair i've been trading through this month with all trades coming out good.
On the 4H chart ,we have this BIG WEDGE pattern in which price have been trading within this said WEDGE since July 2020, now price back to the upper ray of the WEDGE, we saw clear rejections since Wednesday likewise today, we also have this thing, i love about NZDCAD which are the patterns the pair makes for a possible breakout for impulse move, we've this ascending triangle that price had on the 30mins and 1h chart, which price just broke below with a big 4H candle and closely nicely below the pattern
I think this break out will set price lower, for the new month of November, @ 0.8897 will remain resistance.
Using the break below the pattern as entering, a short with stoploss @ 0.8897 while targeting @ 0.8644 as TP that's the next level of support.
It's about 1 to 3.2 RR, it worth to know it will take days for these to play out.
On the 4H chart ,we have this BIG WEDGE pattern in which price have been trading within this said WEDGE since July 2020, now price back to the upper ray of the WEDGE, we saw clear rejections since Wednesday likewise today, we also have this thing, i love about NZDCAD which are the patterns the pair makes for a possible breakout for impulse move, we've this ascending triangle that price had on the 30mins and 1h chart, which price just broke below with a big 4H candle and closely nicely below the pattern
I think this break out will set price lower, for the new month of November, @ 0.8897 will remain resistance.
Using the break below the pattern as entering, a short with stoploss @ 0.8897 while targeting @ 0.8644 as TP that's the next level of support.
It's about 1 to 3.2 RR, it worth to know it will take days for these to play out.