NZDCAD: The Price BROKE the DESCENDING CHANNEL
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🟢Forex Pair:
NZD/CAD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving in a clear uptrend and one week ago it reached and got a rejection around an important weekly S/R zone.
In the daily time frame, the price is still following a strong ascending channel, it has just got a rejection on its dynamic support on the 6th of January and it's now retesting a daily S/R level.
In the h4 time frame, the price broke its descending channel only one day ago and it's now retesting a resistance level. The next price action will be essential to understand the next market movement.
🔴Conclusion:
The price has just got a rejection after a clear descending channel and I'm confident to see the price falling down until the next support level at 0.90500.
I'll be waiting for a proper rejection on the current level before entering short in this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/CAD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving in a clear uptrend and one week ago it reached and got a rejection around an important weekly S/R zone.
In the daily time frame, the price is still following a strong ascending channel, it has just got a rejection on its dynamic support on the 6th of January and it's now retesting a daily S/R level.
In the h4 time frame, the price broke its descending channel only one day ago and it's now retesting a resistance level. The next price action will be essential to understand the next market movement.
🔴Conclusion:
The price has just got a rejection after a clear descending channel and I'm confident to see the price falling down until the next support level at 0.90500.
I'll be waiting for a proper rejection on the current level before entering short in this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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