NZDCAD → Consolidation prepares the market for a trend change ↑
NZDCAD is breaking the current bearish trend and forming a bullish off-trend pattern. Focusing on the 0.82863 "trigger" resistance, bulls are targeting it to break this area...Accumulation is forming in relation to the mentioned zone, if the structure will remain, and buyers will continue active attacks towards the "trigger", then in the long term we can look for an entry point for a breakdown.
The market is still restrained by MA-200 & MA-50, but the 200-day line is undergoing a third retest, which generally increases the chances of price consolidation above the key SMA. Globally we have a neutral trend, locally the market sentiment is starting to turn bullish.
The structure will be broken if the price consolidates below 0.82239.
Resistance levels: 0.82863, MA-200
Support levels: 0.82239, MA-50
Fundamentally, the situation in New Zealand is calming down and the market is starting to recover losses. Emphasis on the ascending triangle on H4, it is possible to build short-term and medium-term prospects in relation to this figure
Rate, share your opinion and questions, let's discuss what's going on with ★ NZDCAD ;)
Regards R. Linda!
Trade active
Consolidation within the ascending triangle continuesWe continue to wait for resistance retest
Trade active
A resistance retest is forming! Consolidation above the key zone will confirm bullish intentions and we should wait for the impulse
Note
The momentum after the breakout yields 52 pips, which is generally a good result for intraday trading. But, further buyer's liquidation is formed
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🧿 Web: rlinda.com
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.