💡Hello traders,
Hope you are having fantastic summer and also are finding time for trading as well :)
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We can see that there is nice descending channel on weekly chart. Price is also approached MA 200. We expect price to drop from this point.
Let us know what you think about this...
Daily & H4 timeframes show a nice ABCD structure forming, We've seen a head and shoulder pattern form at the 1.618 level and a break and retest of the neckline. Price currently creating lower highs and lower lows and has just formed an evening star.
After a deep look at today's fundamentals and the currency indexes to show me the best ascending and falls currencies. For today the NZD is one of the worse performance, so I looking the NZD pairs to spot an entry against it. The best pair that let an awesome price action signal is the NZDCAD, that let many downside channels structures, a previous broken trendline...
NZDCAD is has been creating lower lows and lower highs indicating bearish structure in the market hence will be looking for shorts.
Price is rallying back to an intraday level (top blue area) on the 1 hour chart where bears might be sitting and that's where I will be looking for sell opportunities.
The grey mid-level area is where I anticipate price to exhaust...
