Hi Traders,
The NZDCAD reversed from a weekly descending trendline that lined up with horizontal resistance level and made an impulsive move down "Wave W," which broke out of ascending trend line and support level.
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This pair has retested the broken zone and seems to have completed building bullish ABC FLAT corrective chart pattern "Wave X," which could indicate a continuation of the downtrend.
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Considering that we have a triple top pattern and bearish rejection candles on the daily chart further confirming the short bias, we will wait for the break out of the blue CTL for a conservative short entry.
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The take profit level is the descending channel support that lined up with the horizontal support level as projected on the chart.
.
Wish you all a successful week ahead,
Veejahbee.
The NZDCAD reversed from a weekly descending trendline that lined up with horizontal resistance level and made an impulsive move down "Wave W," which broke out of ascending trend line and support level.
.
This pair has retested the broken zone and seems to have completed building bullish ABC FLAT corrective chart pattern "Wave X," which could indicate a continuation of the downtrend.
.
Considering that we have a triple top pattern and bearish rejection candles on the daily chart further confirming the short bias, we will wait for the break out of the blue CTL for a conservative short entry.
.
The take profit level is the descending channel support that lined up with the horizontal support level as projected on the chart.
.
Wish you all a successful week ahead,
Veejahbee.