π Based on the 2-week chart of NZDCAD, the pair is currently trading in a descending triangle pattern. This is a bearish pattern that suggests that the price is likely to continue to decline. The price has been making lower lows and lower highs within the triangle, which is a sign of weakness. Both the Simple and the Exponential 200-day moving averages are also sloping downwards, which further supports the bearish trend.
π Price Action (PA) is currently reacting from Resistance @ 0.8075
π The next support level for NZDCAD is around 0.7930. If the price breaks below this level, it could decline to 0.7760 or even lower. However, if the price bounces off the first support level, it would be an odds enhancer that Price Action has returned to its BIG PICTURE uptrend.
βοΈ Overall, the technical analysis for NZDCAD is bearish. The descending triangle pattern suggests that the price is likely to continue to decline. Since this is highly probable, I have a pending BLO @ 0.7950.
β οΈ HIGH RISK OPPORTUNITY
SSO @ 0.8050
TP @ 0.7955
BLO @ 0.7950
If the CAD News @ 08:30 ET / 05:30 PT proves to be strong, then we'll experience the downtrend that appears to be on the horizon for this pair.
π Price Action (PA) is currently reacting from Resistance @ 0.8075
π The next support level for NZDCAD is around 0.7930. If the price breaks below this level, it could decline to 0.7760 or even lower. However, if the price bounces off the first support level, it would be an odds enhancer that Price Action has returned to its BIG PICTURE uptrend.
βοΈ Overall, the technical analysis for NZDCAD is bearish. The descending triangle pattern suggests that the price is likely to continue to decline. Since this is highly probable, I have a pending BLO @ 0.7950.
β οΈ HIGH RISK OPPORTUNITY
SSO @ 0.8050
TP @ 0.7955
BLO @ 0.7950
If the CAD News @ 08:30 ET / 05:30 PT proves to be strong, then we'll experience the downtrend that appears to be on the horizon for this pair.
Professor C. E. Ward