Critical Support broken on NZD/CAD
Good morning traders, today we bring you our analysis in NZD/CAD, which we published last week and we were waiting for a break in the support zone. That is happening now, so we want to detail our vision.
🔸Summarizing the context, the price broke the ascending channel and the support zone after bouncing off a strong resistance zone.
🔸If we go to a lower timeframe (4H), the price made a clear pullback and after that it was rejected.
🔸The interesting thing about this pair is the bearish potential. It has, towards the next support zone, a 300 pips distance.
🔸Summarizing the context, the price broke the ascending channel and the support zone after bouncing off a strong resistance zone.
🔸If we go to a lower timeframe (4H), the price made a clear pullback and after that it was rejected.
🔸The interesting thing about this pair is the bearish potential. It has, towards the next support zone, a 300 pips distance.
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