NZD/CADShort
NZDCAD November 16th, 2023
The NZDCAD has been in a bearish trend since December 2022, forming a descending resistance trendline. The price is currently touching this resistance.
Possible Scenario 1: Breakout to the upside
If the price breaks above the resistance trendline, it could signal a reversal to the upside. This would be a bullish signal, and traders could look to buy NZDCAD.
Possible Scenario 2: Breakdown to the downside
If the price breaks below the resistance trendline, it could signal a continuation of the bearish trend. This would be a bearish signal, and traders could look to sell NZDCAD.
Possible Scenario 3: Bounce off the resistance trendline
The price could also bounce off the resistance trendline and continue to trade sideways. This would be a neutral signal, and traders would need to wait for further confirmation before taking a position.
Possible Scenario 1: Breakout to the upside
If the price breaks above the resistance trendline, it could signal a reversal to the upside. This would be a bullish signal, and traders could look to buy NZDCAD.
Possible Scenario 2: Breakdown to the downside
If the price breaks below the resistance trendline, it could signal a continuation of the bearish trend. This would be a bearish signal, and traders could look to sell NZDCAD.
Possible Scenario 3: Bounce off the resistance trendline
The price could also bounce off the resistance trendline and continue to trade sideways. This would be a neutral signal, and traders would need to wait for further confirmation before taking a position.
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