NZD/CAD Short Analysis, Possible Downtrend Continuation
Disclaimer:
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis:
Price has broken through multiple zones in what seems to be a downtrend with a lot of momentum. You can even see the perfect break and retest taking place, price had found a new bottom and bounced back up to what was now Resistance and had shown weakness and continued downwards. On the Daily timeframe, we can now see that two pretty solid bearish candles have already formed and we are now waiting for one more candle showing the same amount of strength and then we could make a good trade out of this. We are going to need to see more confirmation on lower time frames which I will go over in the Hourly Analysis listed below.
Hourly Analysis:
Even on the Hourly timeframe, we can see that price is already making a downtrend with this push downwards, with the price retesting the previous low then making a new low each time. With the most recent Hourly candle, we can see that the bears were fully in control during this time but, towards the end, bulls showed some strength and cause the price to retract upwards a little. We will need to see another hourly candle closing below this wick that is now the most recent low in the downtrend. This will just confirm that there is indeed enough momentum to continue downwards and it will also show us that the bulls do not have enough momentum at this point.
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis:
Price has broken through multiple zones in what seems to be a downtrend with a lot of momentum. You can even see the perfect break and retest taking place, price had found a new bottom and bounced back up to what was now Resistance and had shown weakness and continued downwards. On the Daily timeframe, we can now see that two pretty solid bearish candles have already formed and we are now waiting for one more candle showing the same amount of strength and then we could make a good trade out of this. We are going to need to see more confirmation on lower time frames which I will go over in the Hourly Analysis listed below.
Hourly Analysis:
Even on the Hourly timeframe, we can see that price is already making a downtrend with this push downwards, with the price retesting the previous low then making a new low each time. With the most recent Hourly candle, we can see that the bears were fully in control during this time but, towards the end, bulls showed some strength and cause the price to retract upwards a little. We will need to see another hourly candle closing below this wick that is now the most recent low in the downtrend. This will just confirm that there is indeed enough momentum to continue downwards and it will also show us that the bulls do not have enough momentum at this point.
