NZDCAD Short: Bat + Gartley + 2 Channels + Larger TF Triangle

NZDCAD is forming a tight PRZ at which two potential harmonic patterns are tightly confluent. This area is also confluent with point 5 in an ascending channel and potential point 4 of a descending channel. Also, an AB=CD pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation down from the rebound at point E of the expanding triangle. Since there has already been a 50% retrace from point E, there is a potential to ride this move down to the completion of a bullish bat pattern which is where I've placed the target.

Confluence in the PRZ:

• Bearish butterfly completion
  
• Bearish Gartley completion
  
• AB=CD
  
• Ascending channel resistance
  
• Descending channel resistance
  
• Larger TF expanding triangle
  
• Larger TF potential bullish bat
  

Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!

Ordre annulé:

No trade on account of RBNZ rate volatility