NZDCAD: Descending Channel Top
As we can see from the chart this pair has been in a long-term downtrend, and we're now at the top of the falling channel.
We've seen support hold around 0.797 so my target will be just above this for a short position this week, a break above 0.8215 will invalidate, breaking both the channel and creating a HH, so this would suggest a potential reversal.
I'm looking at overall NZD performance (NZDWCU) and how it sits against the various crosses, it's had a strong few weeks but I'm expecting across the board retracement from it.
For this pair a fail to break below 0.796 will leave a double bottom / HL and again signify a potential reversal in the making.
This week short for me.
We've seen support hold around 0.797 so my target will be just above this for a short position this week, a break above 0.8215 will invalidate, breaking both the channel and creating a HH, so this would suggest a potential reversal.
I'm looking at overall NZD performance (NZDWCU) and how it sits against the various crosses, it's had a strong few weeks but I'm expecting across the board retracement from it.
For this pair a fail to break below 0.796 will leave a double bottom / HL and again signify a potential reversal in the making.
This week short for me.
Note
Looking good so farTrade active
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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.