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As discussed last week, I am once again looking at NZDCAD with a short perspective.
The pink ML has yet to be hit, as the value area from around April 17 held price off for now. Price extended quickly up and found resistance where sellers took control previously. At this point in time it also coincides nicely with the pink UMLH and price action gave us a mini ...
As taught in the Andrews course we can anticipate a new pivot forming at the blue median line. Already showing signs of rejection with the sellers winning the battle at the high.
If price can break the support line then I plan on taking a short if price retraces to test the break.
Current high also looks nice on a channel in the daily view.
Big battle took place at the top of this swing up. Break out bar (bob) shows that buyers are no longer accepting higher prices and can expect price to at least retrace to the median line.
If price gets high enough to visit BOB can go short based on evidence of nobody accepting higher prices above.
Can expect a bounce of the value area on the way up as ...