Possible NZDCAD short opportunity may be incoming.
On the weekly chart, price had a really nice rejection off the 0.90800 price level.
And on the daily, price had also been rejecting 0.90800 price level multiple times before price decided to sell off.
On the 1HR time frame, price seemed to have found support & is currently oversold on both the Stochostic & RSI along with decreased volume.
A retest in the price range of 0.90500 - 0.90800 (Grey Highlighted Box) may be incoming & would make a nice area to short this pair to 0.89500 - 0.89200
On the weekly chart, price had a really nice rejection off the 0.90800 price level.
And on the daily, price had also been rejecting 0.90800 price level multiple times before price decided to sell off.
On the 1HR time frame, price seemed to have found support & is currently oversold on both the Stochostic & RSI along with decreased volume.
A retest in the price range of 0.90500 - 0.90800 (Grey Highlighted Box) may be incoming & would make a nice area to short this pair to 0.89500 - 0.89200
Note
Price currently is at our area of interest (Highlights box). If price respects this level, we can expect price to head further down towards our price target.For now, we'll watch price action to determine when to enter a position if the opportunity appears.
Note
Price had been rejecting off 0.90600 multiple times on the 1HR time frame.I am looking to short this pair here, or if price retest 0.90600 again.
Note
A nice rejection off 0.90600 and 4Hr candle closed below the 50MANote
Note
Support broke with the massive sell off.Take profit here or attempt for 0.89200
Trade closed: target reached
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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.