AidiDuhanxhiu

NZD/CAD - Probable Head & Shoulders formation

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Hello Traders, it's probable a formation of an head & shoulders on NZDCAD hourly. We have seen the price rise today reaching important overbrought levels in my opinion also due to the long positions of commercial and non-commercial funds identified by last week's COT data. For today we can try a short in the area indicated on the chart waiting for tomorrow's COT data for Tuesday. It may be that the long phase on NZD/USD and the massive short on CAD/USD are over.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.