Price has reached a very strong resistance level at 0.87940 which lines up with the 0.61 level on the fib indicating a possible change of trend. My setup became valid when the daily candle closed strongly bearish at this important level. Therefore I am anticipating a swing low.
Entry : 0.87313
SL : 0.88370 (105Pips)
TP1: 0.84500 (270Pips)
TP2 : 0.8060...
NZDCAD is looking very bearish. The overall trend of this pair is in a bearish. The market has recently hit the descending resistance and has struggled to continue bearish and is ranging. The market has hit the resistance of the 0.91000 psychological level. This level has seen the price test it and fall sharply bearish numerous times in the past. The most...
NZD CAD, presenting us a great opportunity for a short.
A clear 4h break of 0.90476 and a retest on 1h would be a great entry for this pair. For a nice 120 pips!
I will updating you guys.
All of the best
this is the 4hr chart on NZDCAD but my analysis, as usual, starts from higher timeframes: on the daily price has just touched a key level of structure (yellow box) along with the D point of an AB=CD pattern. As we go on lower timeframes such as 4hr you can see price has formed a pinbar followed by an engulfing red candle in overbought condition. Then at...