Short

NZDCAD: Rising wedge in the making or channel

Updated

I am looking on NZDCAD for a Rising Wedge pattern in the making or a Channel pattern if it breaks down the yellow line. Price tested a strong daily structure and didn't close above it at 0.9226 price level on Daily chart. Momentum is falling down. Two scenarios on the chart.

Good Luck!

Note

If the yellow line is broken now then we are on the way down for the CD leg of the Bullish Bat pattern.

Note

+80 pips up to now. SL moved at BE. NZDCAD made e move down with -95 pips from the retest of the structure.

Trade closed: stop reached

Position closed at BE. Possibility for a triple top and price is diverging again on the wave up.

Trade active

Opening short positions againg

Note

+155 pips. Closed 1/2 of the position. SL at BE. Price will need to break down 0.9077 price zone in order to continue with the downside. As long as price will stay above this zone we need to take into consideration a consolidation that can be from 38.2% to 50% Fib.Ret

Trade closed: target reached

KlejdiCuni

✅MY Free Signals
t.me/TradingPuzzles

✅Personal Telegram
t.me/KlejdiCuni

✅YouTube
youtube.com/@TradingPuzzles

Also on:

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.