Since April, NZD/CAD has been consolidating within a defined range between 0.83198 and 0.81597. Recently, price has broken below the 0.81597 support level, indicating a potential shift toward a bearish trend. I am currently monitoring price action for confirmation through bearish engulfing candles or other reversal patterns before considering a short position.
While this setup appears promising, I remain cautious of potential false breakouts and will ensure continued bearish momentum before entering. I will be observing this pair closely over the coming sessions.
"Patience is not the ability to wait, but how you act while you're waiting." — Joyce Meyer
While this setup appears promising, I remain cautious of potential false breakouts and will ensure continued bearish momentum before entering. I will be observing this pair closely over the coming sessions.
"Patience is not the ability to wait, but how you act while you're waiting." — Joyce Meyer
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.