NZDCAD Consolidation Bounce or Break?
Daily
Price has approached the top of its consolidation range, and has formed a spinning top candle, a good sign of Indecision. Since it is in consolidation, this could be a sign of another bounce moving price to the lower bound of the range.
4 Hour
Dropping to the 4 hour, we don't have signs of much bearish potential. There are signs of bullish potential instead, as there are strong bullish candles. There is currently a market structure level 0.90470 which has 5 consecutive rejections.
Summary
Looking on the Daily, it has potential to turn bearish, however the 4 hour doesn't look bearish at all at the moment. Will be waiting for more signs such as bullish rejection and indecision, or a strong break and close below 0.90470, showing a change in market structure.
Price has approached the top of its consolidation range, and has formed a spinning top candle, a good sign of Indecision. Since it is in consolidation, this could be a sign of another bounce moving price to the lower bound of the range.
4 Hour
Dropping to the 4 hour, we don't have signs of much bearish potential. There are signs of bullish potential instead, as there are strong bullish candles. There is currently a market structure level 0.90470 which has 5 consecutive rejections.
Summary
Looking on the Daily, it has potential to turn bearish, however the 4 hour doesn't look bearish at all at the moment. Will be waiting for more signs such as bullish rejection and indecision, or a strong break and close below 0.90470, showing a change in market structure.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.