NZDCAD has been in a messy daily range. The daily levels do not hold cleanly. However, I do think there's an opportunity here regardless.
The first trendline break indicates weakness. The second trendline break is cleaner as price is able to hold below this level on the daily timeframe.
Looking at the intraday timeframe, I plotted a trendline to look for confluence. Price crosses below this trendline and is somewhat supported by an exponential moving average crossover.
There is an opportunity to scale into this trade provided that it starts trending cleanly.
The first trendline break indicates weakness. The second trendline break is cleaner as price is able to hold below this level on the daily timeframe.
Looking at the intraday timeframe, I plotted a trendline to look for confluence. Price crosses below this trendline and is somewhat supported by an exponential moving average crossover.
There is an opportunity to scale into this trade provided that it starts trending cleanly.
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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.