NZDCAD | Perspective for the new weekObserving the Day chart, despite the obvious that we are in an uptrend wave; we are beginning to see a Reversal structure as Buyers appear to gradually lose momentum and Sellers receiving the baton to push price further down with the hope of respecting the Bullish trendline on the daily chart.
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Breakdown | Supply & Demand
Observation: i. Successful Breakdown of CA$0.91500 on the 13th of Jan 2021 projects a high expectation of a rejection of this level in the coming week(s).
ii. Supply zone @ CA$0.91500/0.92200 shall be a window to look for Selling opportunity in the coming week.
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward : 1:3
Potential Duration: 10 to 20 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
