NZD/CAD 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD is giving a great opportunity to earn money in a short period of time as the price is approaching the support line. It could be another retest or a breakout, however, the second option is more likely. There are several reasons behind it– univocal "sell" signals from indicators on different timeframes. Moreover, 70% of all opened positions are short and the fact that each new low is lower than the previous one is supporting the idea of strong bearish sentiment. In case of a penetration of the support line, lower prices are expected. Additionally, it should be followed by an increase in trading volumes.
© Dukascopy Bank SA
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