DarnellJCL

NZDCAD Consolidation Bounce or Break?

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Daily
Price has approached the top of its consolidation range, and has formed a spinning top candle, a good sign of Indecision. Since it is in consolidation, this could be a sign of another bounce moving price to the lower bound of the range.

4 Hour
Dropping to the 4 hour, we don't have signs of much bearish potential. There are signs of bullish potential instead, as there are strong bullish candles. There is currently a market structure level 0.90470 which has 5 consecutive rejections.

Summary
Looking on the Daily, it has potential to turn bearish , however the 4 hour doesn't look bearish at all at the moment. Will be waiting for more signs such as bullish rejection and indecision, or a strong break and close below 0.90470, showing a change in market structure.

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