NZDCAD H4 | Pullback Toward Strong Resistance LevelsBased on the H4 chart analysis, we could see the price rise to our sell entry level at 0.80729, which is a pullback resistance that aligns with the 50% Fibonacci retracement.
Our stop loss is set at 0.81281, which is an overlap resistance that aligns with the 78.6% Fibonacci retracement.
Our take profit is set at 0.79851, which is a pullback support.
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Price was moving in a bullish structure making higher highs and higher lows, respecting the bullish trendline multiple times. The Upswing was met with a longer term bearish trendline intact since Nov-2017, and got rejected as per expectations, marked by red arrow. following to the rejection price started to make lower highs and broke below the bullish trendline and has managed to break below the yellow rectangle which is acting as neckline for the top structure.
Setup:
We are expecting as short term pullback, which would lead to the retest of neckline and after that, fresh short entries could be made below the previous low (from where the pullback started), Stoploss could be placed above the high of the reversal point (from where the price would continues to move in the lower direction). A continued down-move could retest the base (path market by black arrows) as price has shown that tendency multiple times in the past.
Broader outlook for near to mid term seems bearish, and trades aligned with the outlook should be attempted for better hit rate.
Any new perspective you want to add, Please feel free to mention below in the comment.
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Short
