NZD/CAD trades in a Symmetric Triangle pattern.
The pair is on verge of breach at triangle base.
Scope then for dip till 88.6% Fib at 0.8741.
We see bearish invalidation only above 21-EMA.
Support levels - 0.8829 (78.6% Fib), 0.8786 (May 17 low), 0.8741 (88.6% Fib)
Resistance levels - 0.8868 (5-DMA), 0.89, 0.8921 (21-EMA)
Stay short on decisive close below 'Triangle base', target 0.8830/ 0.8785/ 0.8745
The pair is on verge of breach at triangle base.
Scope then for dip till 88.6% Fib at 0.8741.
We see bearish invalidation only above 21-EMA.
Support levels - 0.8829 (78.6% Fib), 0.8786 (May 17 low), 0.8741 (88.6% Fib)
Resistance levels - 0.8868 (5-DMA), 0.89, 0.8921 (21-EMA)
Stay short on decisive close below 'Triangle base', target 0.8830/ 0.8785/ 0.8745
Note
NZD/CAD extending weakness. 'Symmetric Triangle' breach opens up downside.Note
All targets hit
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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.