Hey traders, here is the analysis for the NZDCAD. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks. NOTE - Please do your own analysis before taking the trade.
NZDCAD is retesting a broken key level.
On that, the price formed a double bottom formation.
0.873 is its neckline.
Wait for 1H candle close below that.
Then sell aggressively or on a retest.
First goal will be 0.8675
If the price sets a new higher high on hourly, setup will be invalid.
Descending triangles are mainly considered continuation patterns but they
also can be used as reversals. This pattern starts with an initial impulse move
followed by a point of consolidation. As price consolidates it makes lower highs
and equal lows forming the descending triangle. the momentum builds up and
usually breaks out back into the direction of the...
NZDCAD is trading within a horizontal trading range on 4H.
Its support was reached yesterday.
The price formed a dodji candle on that.
Now, chances are high to see a pullback to the resistance of the range.
Your goal - 0.884
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Indecision on the market is changing to a clear bearish mood
And the price action on the lower timeframes is clearly supporting this narratve
Therefore, I think now is a good idea to go short
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On NZD/CAD is nice to see strong sell-off from the price 0.90040 , there are nice to see strong volume area....
Where is lot of contract accumulated...
I thing that sellers from this area will be defend this short position...
and when the price come back to this area, strong sellers will be push down the market again...
Strong sellers + Downtrend + Strong...
Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. Price is holding below both descending...