". There is still a possibility of temporary retracement to suggested resistance line (0.9162).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. NZDCAD is in a downtrend and the continuation of downtrend is expected.
. The price is above the 21-Day WEMA which acts as a...
1) Monthly, weekly & daily trend is up as per 200 ema and ichimoku cloud.
2) Decisive break of monthly upper trendline.
3) Higher highs and lows on the daily.
4) Previous resistance acting as support showing conviction of the market participants.
5) Small stop and bigger possible targets.
Kindly trade at your own risk.
Good Luck 😃
Dear Traders, This is my analysis on this Instrument; Price has been Bullish on the Monthly Timeframe for a long time, There is a W Pattern on the Monthly, This means we expect Price to give us a retracement back to the neckline before going for a continuation back up.
However, on the Daily Timeframe, price is at a key level at 0.90850, I will be monitoring...
Here i explain why we can see a move to the downside for NZDCAD and how we could see a move to 0.90700 and if wee keep up this momentum we see NZDCAD drop even further to reach 0.90000.
Leave a comment if you agree, disagree or have any questions :)
**NZDCAD:** Sell Bias :chart_with_downwards_trend:
- Big fat bearish engulfing candle showing lots of sellers in the market
- A nice impulsive move to the downside making a LL in the market
- Double top and now waiting manipulation above the neckline
BIAS - SHORT:
NZDCAD has been bullish for quite some time but has now reached resistance on the weekly time frame. A Clear daily ascending channel 3rd touch confirmation is also evident, with lower time frames like the 4hr and 1hr showing signs of reversal patterns. SHORTS can into 0.9000 are very favourable.