NZDCAD Look for breakout and continuation from here
Updated
Hi traders:
I am looking at NZDCAD for short term sell opportunities.
Looking at the higher time frame, we see a larger channel structure, and price is currently sitting at the top of that channel and reacting to a double tops as well.
Zooming in on the lower time frame, we see price correctively move up to that general area, which is a good sign that a bullish momentum may be exhausted, and we could see sell opportunists coming into the market.
Currently price is still in this last bit of ascending channel structure, so I would wait for a confirm break out of this structure, and look for continuation correction to sell.
Look to see what price will do at the lows of the structure.
Thank you
I am looking at NZDCAD for short term sell opportunities.
Looking at the higher time frame, we see a larger channel structure, and price is currently sitting at the top of that channel and reacting to a double tops as well.
Zooming in on the lower time frame, we see price correctively move up to that general area, which is a good sign that a bullish momentum may be exhausted, and we could see sell opportunists coming into the market.
Currently price is still in this last bit of ascending channel structure, so I would wait for a confirm break out of this structure, and look for continuation correction to sell.
Look to see what price will do at the lows of the structure.
Thank you
Note
higher time frame:Note
Price broke out from ascending channel, formed the right shoulder of the Head and Shoulder pattern. Look for sell out here.Note
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