NZDCAD: The BULLISH Impulse close to the end!
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🟢Forex Pair:
NZD/CAD
⚪Technical Analysis:
Since the 20th of January 2021, once the price got a strong rejection on its main trendline, it has been moving with a clear uptrend, breaking through the S/R zone at about 0.91500, re-testing few times the same level before pushing up again.
It is currently still in uptrend and there is a possibility to see the price re-testing an important weekly resistance zone at about 0.92500.
🔴Conclusion:
I'm confident to see the price reaching the main weekly resistance zone and then collapsing down until its daily S/R level at about 0.91500, that would be a nice trend correction of its previous bullish impulse.
The last daily bar is showing a possible sign of weakness and I'll be waiting for it to reach the weekly resistance zone before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/CAD
⚪Technical Analysis:
Since the 20th of January 2021, once the price got a strong rejection on its main trendline, it has been moving with a clear uptrend, breaking through the S/R zone at about 0.91500, re-testing few times the same level before pushing up again.
It is currently still in uptrend and there is a possibility to see the price re-testing an important weekly resistance zone at about 0.92500.
🔴Conclusion:
I'm confident to see the price reaching the main weekly resistance zone and then collapsing down until its daily S/R level at about 0.91500, that would be a nice trend correction of its previous bullish impulse.
The last daily bar is showing a possible sign of weakness and I'll be waiting for it to reach the weekly resistance zone before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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