NZDCAD - OverBought Territory...

19 thg 8, 2024

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈NZDCAD has been overall bullish, trading within the rising channel in blue.

Currently, NZDCAD is approaching the upper bound of the channel.

Moreover, the zone marked in red is a massive supply zone.

🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the supply zone and upper blue trendline acting as non-horizontal resistance.

📚 As per my trading style:
As #NZDCAD is around the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich