Thursday, August 25, 2016

Nzdcad: Can the Bears start now?

The chart below was used on 4th August to spot a short term bearish opportunity. We were expecting to follow the C-wave downward after the necessary breakout.

 Price dipped a bit but rallied as a result of dip and rally spikes formed interest rate releases and other fundamentals.

The bulls couldn't knock off 0.9569 resistance despite interest rate spikes and price has now absorbed all.

The chart below seems to show us something clear.


Price could dipped in a 5-wave structure to break below 0.9

The chart below shows the sub corrective wave (ii) is an expanding flat pattern.


A break below the rising trendine could provide a good sell entry to aim 0.93, 0.92 and 0.90.

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