NZDCAD - Head and Shoulders at Retest of trendline and Resistanc
Late feb we broke down from a pretty relevant trendline in NZDCAD (solid blue line)
We are not retracing back into a massive resistancearea at the dashed blue lower angled trendline, as well as previous support as well as the near perfect retest of the talked about (solid) blue upward trendline. As a bonus we are also somewhat at the 618 retracment of the last swing low.
in this - like i said - very important zone of resistance we are now forming a head and shoulders. so look for sells if we can break below it. downside potential is quite big.
We are not retracing back into a massive resistancearea at the dashed blue lower angled trendline, as well as previous support as well as the near perfect retest of the talked about (solid) blue upward trendline. As a bonus we are also somewhat at the 618 retracment of the last swing low.
in this - like i said - very important zone of resistance we are now forming a head and shoulders. so look for sells if we can break below it. downside potential is quite big.
Note
here the bigger pictureTrade active
breakout happened pretty quickly. here is my rough target setup. pretty good risk reward overall
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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.