NZDCAD Daily Analysis 2/1/20
NZDCAD Short Idea
The Monthly and daily timeframes are both bullish while the weekly and 4 hour are bearish.
Currently we are seeing more bearish potential from the current zone. We saw strong rejection at our monthly resistance around 0.87000 and failure to push higher.
Now we have spotted the start of a transition and are now looking for more confirmations.
A nice retest to the 61.8% fib area would be perfect with some confluence and bearish setups. We’re looking to target lower toward our weekly support around 0.83750
The Monthly and daily timeframes are both bullish while the weekly and 4 hour are bearish.
Currently we are seeing more bearish potential from the current zone. We saw strong rejection at our monthly resistance around 0.87000 and failure to push higher.
Now we have spotted the start of a transition and are now looking for more confirmations.
A nice retest to the 61.8% fib area would be perfect with some confluence and bearish setups. We’re looking to target lower toward our weekly support around 0.83750
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