NZDCAD
NZDCAD time to retrace 🦐NZDCAD on the 4h chart after the over-extended impulse started a retracement move.
The market, after the 1st bearish leg , retraced at the weekly resistance where the 50% of the move stands.
The move left some liquidity below the support area and we can look for a continuation of the retracement.
How can i approach this scenario?
I will wait for a possible break of the support and if that will happen i will be looking for a nice short order according to the Plancton's strategy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
NZDCAD: Bullish Breakout Price action has successfully broken the descending parallel channel. We can see Price has tested the Channel support and Resistance line on several occasions.
Bullish indications
Price action is achieving new Higher Lows and Higher Highs and a breakout starting from the median line of the channel is a good sign. Price has respected Fib level 61.8% which is now our support level which indicated use of fib level can be beneficial for TP and SL.
0.86365 is the next Resistance zone line.
Last 10 years Seasonal analysis indicates Zxy remains Bullish in December over 66% of the time while CXY remains Bullish only 50% of the time. No Divergence was Spotted.
Manage your Risk accordingly.
NZDCAD CHANNEL DOWN WILL CONTINUE NZDCAD currently in this descending channel. Price is at a key highlighted point where we have had previous support. Price has already tested a break of this point but we do have a down side wick to be filled and no support has been tested in this price range hence my target. We have a good RISK REWARD entry here by using the channel
NZDCAD: Classic Bearish Reversal 🇳🇿🇨🇦
NZDCAD reached a key weekly structure last week.
The price formed a double top pattern on a daily and broke its neckline then this week.
Such a setup is a classic example of a bearish reversal.
I believe that the market will drop at least to 84.2
❤️If you have any questions, please, ask me in the comment section.
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