NZDCAD: Two Possible Scenarios - Resistance Break or Downtrend?
Updated
NZDCAD is trading at 0.8273, and we see two possible outcomes depending on how it reacts to the trendline resistance:
Scenario 1: Price Breaks Above the Trendline Resistance
If the price moves above the trendline resistance, it could rise to the first target at 0.8358.
If it continues upward and breaks this level too, the next target would be 0.8410.
Scenario 2: Price Fails to Break the Trendline Resistance
If the trendline resistance holds and the price doesn’t break above it, it could drop to 0.8200.
Key Points
Watch the trendline resistance carefully, it will show whether the price is likely to go up or down.
Look for clear signal, like strong moves or patterns, to confirm the direction.
Always manage your risk with stop-loss orders.
Scenario 1: Price Breaks Above the Trendline Resistance
If the price moves above the trendline resistance, it could rise to the first target at 0.8358.
If it continues upward and breaks this level too, the next target would be 0.8410.
Scenario 2: Price Fails to Break the Trendline Resistance
If the trendline resistance holds and the price doesn’t break above it, it could drop to 0.8200.
Key Points
Watch the trendline resistance carefully, it will show whether the price is likely to go up or down.
Look for clear signal, like strong moves or patterns, to confirm the direction.
Always manage your risk with stop-loss orders.
Trade closed: target reached
As expected, the price didn’t break the trendline resistance and dropped to 0.8200.
Disclaimer
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