NZDCAD Monthly Close for Short
Updated
NZDCAD has spent almost year floating in the top of the resistance area created by the range the pair has been in since 2014. Looks like we may get a monthly bearish doji created at the end of this week. If so, I'll likely enter short targeting between 0.84 and 0.865.
Looking back to my previous NZDCAD analysis I also recognize that this could be the potential turning point for a long term bearish cycle for the pair. A break of 0.82 I think would confirm that hypothesis and trigger me to start continuously look for short opportunities on the pair.
Looking back to my previous NZDCAD analysis I also recognize that this could be the potential turning point for a long term bearish cycle for the pair. A break of 0.82 I think would confirm that hypothesis and trigger me to start continuously look for short opportunities on the pair.
Note
Major Support has now been broken. I'm looking for and entering shorts on intraday time frames until I see signs of bearish momentum stop on the weekly or monthly time frames.
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