NZDCAD: Bearish Accumulation & Potential Breakout 🇳🇿🇨🇦
Updated
Very cute bearish accumulation pattern on NZDCAD pair on a weekly.
The pair set two lower highs in a row respecting the same horizontal support area.
Such a formation is called a descending triangle formation.
Your trigger to short the market is a bearish breakout of the underlined support cluster to the downside.
You need at least a weekly candle close below that to confirm the breakout.
Next support will be
0.835
0.81
In case of a pullback from the yellow zone, consider shorting from the resistance of the triangle.
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