Looking to Go Long on NZDCAD
After a nice sell of and a breakthrough of the daily support which is now daily resistance.
Price also broke below the previous low, this is known as a a break of structure. This signals that price is no longer bullish and will continue a bearish move.
price found support at the monthly/weekly demand zone.
Here is where price formed a double bottom, which at the end of bearish movement can serve as a candlestick reversal pattern.
Price broke through the neckline of the double bottom and has now began its retrace to test that area. If price can ultimately respect this neckline or do not fall below this current low, I am expecting price to make a nice bullish move to the upside.
I am expecting price to pullback and test the "break of structure which also correlates to the daily resistance and the 61.8 fib level.
Like if you agree, if you see something else please feel free to comment. I am open to others opinions.
Price also broke below the previous low, this is known as a a break of structure. This signals that price is no longer bullish and will continue a bearish move.
price found support at the monthly/weekly demand zone.
Here is where price formed a double bottom, which at the end of bearish movement can serve as a candlestick reversal pattern.
Price broke through the neckline of the double bottom and has now began its retrace to test that area. If price can ultimately respect this neckline or do not fall below this current low, I am expecting price to make a nice bullish move to the upside.
I am expecting price to pullback and test the "break of structure which also correlates to the daily resistance and the 61.8 fib level.
Like if you agree, if you see something else please feel free to comment. I am open to others opinions.
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