4H CHART EXPLANATION:
- In Weekly Terms, we observe a lateralization in this instrument since 2014.
- In April 19', it started its down move towards the level in which it is now.
- Price is on an a Descending Channel.
- It is currently on a Bearish Corrective Structure. If it breaks it at 0,85, it has potential to move down towards the Support Zone at 0,837.
NZD/CAD - Potential short opportunity may occur if the market remains bullish and moves closer towards the upper resistance level. The chart analysis shows NZD/CAD being rejected by this resistance everytime, over the last 5 years. This shows a good indication of the strength of this historical level, and further supports a short entry. Before entering some...
NZDCAD had a nice uptrend with multiple waves, and then we hit the 0.8880 resistance/flip zone.
From here price began to stop making higher lows, and we created a head and shoulders indicating a reversal.
The 2 hour chart shows this head and shoulders much clearer. We came back to retest the neckline which could also be out first lower high in this new downtrend....
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