WohlstandMarketsLimited

NZDCAD - SHORT

Short
OANDA:NZDCAD   NZD/CAD
Description:

The counter NZDCAD forms a peculiar chart pattern, the head and shoulder formation from 26th February. The high at the price of 0.9328 forms the head and the two lower highs around the price of 0.9255 form shoulders. The neckline is the core of this pattern at the price of 0.9204. This pattern is very supportive of the bearish trend . Yesterday the counter broke the neckline of the head and shoulder. Therefore the price is expected to move downwards and the bearish trend is expected to continue further. The curves of the MACD indicator give additional support to the description.

The major levels for this counter are

R2 –0.9288
R1 –0.9237
PP –0.9205
S1 –0.9154
S2 –0.9121