NZDCAD Head and Shoulders Confirming Trend Shift
NZDCAD had a nice uptrend with multiple waves, and then we hit the 0.8880 resistance/flip zone.
From here price began to stop making higher lows, and we created a head and shoulders indicating a reversal.
The 2 hour chart shows this head and shoulders much clearer. We came back to retest the neckline which could also be out first lower high in this new downtrend. This will be confirmed with a lower low, or once we break this area we are testing at 0.8790. 0.8750 could be considered our first take profit target.
From here price began to stop making higher lows, and we created a head and shoulders indicating a reversal.
The 2 hour chart shows this head and shoulders much clearer. We came back to retest the neckline which could also be out first lower high in this new downtrend. This will be confirmed with a lower low, or once we break this area we are testing at 0.8790. 0.8750 could be considered our first take profit target.
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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.