Lingrid | NZDCAD bearish MOMENTUM in the Market

29 thg 10

The price perfectly fulfilled my previous idea. It reached the target zone. NZDCAD is currently making lower lows and lower closes, indicating a strong bearish momentum. The price has been oscillating around the psychological level of 0.8300. Typically, markets tend to consolidate near key levels before a breakout, and given the overall bearish trend, it seems plausible that we could see a bearish impulse leg. I anticipate that the market may break below the previous day's low (PDL) and continue its movement downward, making further lower lows. If the price breaks convincingly below the PDL level, that could confirm the bearish sentiment and potentially lead to an acceleration in the downward trend. My goal is support zone around 0.82550

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻