Hi Traders! We have a potential NZDCAD sell opportunity from magnet zone. A detailed analysis of this setup is as follows:
NZDCAD Daily Chart:
On the daily chart we have a double cycle that has formed and then we have another cycle that has formed in the second leg of this double cycle. We have a magnet zone that has formed based on these two cycles. Currently the price has reached this magnet zone, so we may expect a reversal to happen from here. We also have a bearish divergence that is forming at the moment. Once this divergence completes itself, we may then consider it as a confirmation for the bearish momentum and the price to move lower.
NZDCAD H4 Chart:
On the H4 chart we have a range which is formed by the highs and lows reaching the same resistance and support zones. Currently the price broke above the range and is reaching the magnet zone. We also have bearish divergence and the price is definitely in a very good place to start looking for sells. Basically we want the price to move lower, creating for us bearish convergence and then look for a correction to happen, once this correction completes itself, we can start looking for sells.
NZDCAD H1 Chart:
On the H1 chart we have a bearish divergence which we may consider as a confirmation for the bearish momentum. The price has also created a good uptrend line. If you want to be more aggressive then you can start looking for sells once we get a valid breakout of this uptrend line.
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