NZDCAD - SHORT setup

Howdy everyone. NZDCAD is currently showing signs of bearish momentum, with a clear downward trajectory as it aims to develop a new low on the daily time frame. The 4-hour moving averages are currently positioned above the price action, further reinforcing the bearish sentiment. In addition, a 4-hour bearish engulfing closure has recently occurred, providing confirmation for short position. Furthermore, we are around 100 pips away from the potential daily MA of 100, which could act as a significant re-test reaction zone. Overall, the technical indicators suggest that NZDCAD may continue to face selling pressure, with the potential to push the pair to new lows. ✨