NZDCAD: Potential Swing Trade Explained 🇳🇿🇨🇦
Updated
Hey traders,
NZDCAD is trading in a long-term bearish trend.
Lower highs are perfectly respecting a major falling trend line on a weekly.
After the last strong bearish wave, the price reached that again.
On that, we see a descending triangle formation on a daily time frame.
To catch a bearish swing wait for a daily candle close below its support to confirm a breakout.
Then shorting on a retest we will expect a bearish move to 0.853 / 0.843 levels.
If the price respects a yellow support and breaks a trend line to the upside, the setup will be invalid.
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