NZD/CAD Approaches Critical Resistance: Trade With Caution
The NZD/CAD pair is approaching a crucial resistance level, an area that has previously triggered bearish momentum. This level also aligns with past supply zones, signaling a potential turning point for sellers looking for short opportunities.
The market is poised for a possible downside move if bearish signals, such as rejection wicks or bearish candlestick patterns, emerge. A potential target could be the 0.81608 level. However, a decisive breakout above this resistance might disrupt the bearish outlook, opening the path for further gains.
- Technical Levels: Look for rejection signs if the price nears resistance.
- Scenarios: A failed breakout maintains current sentiment; a breakout changes the bias.
- Risk Management: This resistance is pivotal, demanding vigilant risk measures.
Keep an eye on price action as it approaches this level for better clarity on its next direction.
