NZDCAD 1H Bearish Pinbar At Resistance
NZDCAD on the 1H has formed a bearish pinbar signal near the very strong 0.8800 resistance level.
Price on the lower time frames has formed a symmetrical triangle, and has strongly rejected the top of it with the pinbar.
On the daily chart we can see price overall is downtrending and is heading up likely to attempt to test the higher time frame downtrend line to form a lower high after making a lower low earlier this year.
However as price is testing the strong 0.8800 level resistance and currently is failing to break above, we can assume that price may have reached its peak around this level and look for shorts from here.
We are aware price can continue further up from here and we can lose this trade (like with any other trade), but it would be better to take a high probability trade in this area and lose than to miss out on the opportunity due to fear of losing and for it to reach or surpass targets.
We will be targeting at least the .8600 level for this pair.
Price on the lower time frames has formed a symmetrical triangle, and has strongly rejected the top of it with the pinbar.
On the daily chart we can see price overall is downtrending and is heading up likely to attempt to test the higher time frame downtrend line to form a lower high after making a lower low earlier this year.
However as price is testing the strong 0.8800 level resistance and currently is failing to break above, we can assume that price may have reached its peak around this level and look for shorts from here.
We are aware price can continue further up from here and we can lose this trade (like with any other trade), but it would be better to take a high probability trade in this area and lose than to miss out on the opportunity due to fear of losing and for it to reach or surpass targets.
We will be targeting at least the .8600 level for this pair.
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