NZDCAD - Strong Resistance Ahead 💪

11 ott 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

As per my last analysis (attached on the chart), we were looking for buy setups around the lower purple circle as it is the intersection of a horizontal support and lower red trendline.

Since then, NZDCAD has been trading higher and now approaching the upper trendline of the channel.

Moreover, the 0.825 is a strong resistance.

🏹 So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper red trendline.

As per my trading style:
As NZDCAD approaches the upper purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich