NZDCAD Head & Shoulders
Updated
NZDCAD looks to be completing a head and shoulders pattern on the larger time frames. as well as this potential one here on the 1hr.
On the 1hr, a head and shoulders pattern looks to be forming - we can use this as confirmation of the above and as reason to target the lower levels.
If price does not confirm our head and shoulders then a sell at the higher, dotted red line would also be a great area for us to get in short. Price has respected this level twice already in recent times and would be the vital level for a head and shoulders on the higher time frames.
One must take care as the CAD is looking stronger on other charts at the moment (USDCAD looks to be reversing on the 4hr) and being a commodity currency, is heavily tied with oil.
On the 1hr, a head and shoulders pattern looks to be forming - we can use this as confirmation of the above and as reason to target the lower levels.
If price does not confirm our head and shoulders then a sell at the higher, dotted red line would also be a great area for us to get in short. Price has respected this level twice already in recent times and would be the vital level for a head and shoulders on the higher time frames.
One must take care as the CAD is looking stronger on other charts at the moment (USDCAD looks to be reversing on the 4hr) and being a commodity currency, is heavily tied with oil.
Note
no h&s but a break is on the cards
Trade active
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