NZDCAD Strong Bearish Outlook {Alpha Forex}

NZDCAD PRICE FORECAST;
NZDCAD Bearish Outlook

Technical Analysis:
NZDCAD has repeatedly encountered resistance at the 0.8400 level, following a significant period of consolidation. The recent breakdown of the upward trendline is a clear indication of a potential shift in market sentiment. Furthermore, the bearish momentum is underscored by the 200EMA and 50EMA golden crossover, signaling the initiation of a bearish phase.

Trade Setup:
I have identified key order blocks for a potential sell entry. These order blocks align with the breakdown of the upward trendline and serve as strategic entry points for a bearish position.

Targets:
My technical targets for this trade are set at 0.8100 and 0.7980. These levels are based on a careful analysis of support zones and historical price action.

Risk Management:
As with any trade, it is crucial to implement proper risk management strategies. I recommend setting a stop-loss above key resistance levels to mitigate potential losses in case the market behaves differently than anticipated.

Conclusion:
In conclusion, the combination of resistance at 0.8400, the breakdown of the upward trendline, and the bearish crossover of the 200EMA and 50EMA suggests a strong bearish sentiment for NZDCAD. I have drawn order blocks for entry sell, with technical targets set at 0.8100 and 0.7980.

Trade active:

📈 TRADE ACTIVATED! 🚀 My analysis spotted a retracement to the order block, marked by a powerful bearish candle. The market is on the move, and we've seized the opportunity. Stay tuned for updates as we navigate this trade together! 💹🔥 #MarketAnalysis

Trade active:

📉 NZDCAD Update: Precision in play! Retracement from our order block at 0.8250, encountering resistance at the 50EMA, followed by a breakdown of a significant support level. The market has reached 0.8160, securing a successful win of 90+ pips! Well done! 🏆💰👍

#NZDCAD #TradingSuccess

Comment:

Exciting news for NZDCAD traders! After breaking down the upper trendline, the pair retraced to our highlighted order block and formed a strong bearish candle, triggering our entry. Currently, we're enjoying over 80 pips in profit. Keep following for more updates and feel free to like and comment for better feedback. Thank you for your continued support!