NZDCAD is now testing a resistance zone at 0.87800 which it has failed to break multiple times. Bears can look to short the pair now, with a stop loss a few pips above the resistance zone, targeting the local demand zone at 0.87100. Beyond that, targets may be placed further down if the local demand zone and supportive trendline fails to hold.
There has been a lot of bullish pressure today, which may be what is needed to finally break the resistance zone. Entering a long position on a break and retest would be a safer alternative for the bulls.
Please share your thoughts in the comments below and leave a like. Be sure to follow me for more ideas and analyses.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. THIS IS MERELY MY VIEWS ON THE MARKET AND IS FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE AT YOUR OWN DISCRETION AND AT YOUR OWN RISK*
There has been a lot of bullish pressure today, which may be what is needed to finally break the resistance zone. Entering a long position on a break and retest would be a safer alternative for the bulls.
Please share your thoughts in the comments below and leave a like. Be sure to follow me for more ideas and analyses.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. THIS IS MERELY MY VIEWS ON THE MARKET AND IS FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE AT YOUR OWN DISCRETION AND AT YOUR OWN RISK*