NZDCAD 11/05/2023 Analysis
NEW ZELAND DOLLAR / CANADIAN DOLLAR H4 Time Frame
Major Trend = Downtrend
Minor Trend = Uptrend
Nearest Support Area = 0.82900-0.83300
Nearest Resistance Area = 0.85200-0.85585
Overall Bias = Short
Short Term Target = 0.84000-0.84545
Ideal Target = 0.82900-0.83300
Invalidation Level = 0.85730
Notes :
NZDCAD has been in a downtrend channel since last December where currently price is seen getting rejected again from its upper channel and is also forming a potential double top pattern. If we use Elliott Wave Analysis here we can also see that price is currently near its 2nd minor wave top and will soon start its 3rd correction wave lower.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower and starting its 3rd minor wave with an ideal wave 1 target around 0.82900-0.83300. This scenario will still be valid as long as price stays below 0.85730.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking above its major resistance zone & its downtrend channel than slowly transition into an uptrend market with an ideal target around 0.86500-0.868750.
Major Trend = Downtrend
Minor Trend = Uptrend
Nearest Support Area = 0.82900-0.83300
Nearest Resistance Area = 0.85200-0.85585
Overall Bias = Short
Short Term Target = 0.84000-0.84545
Ideal Target = 0.82900-0.83300
Invalidation Level = 0.85730
Notes :
NZDCAD has been in a downtrend channel since last December where currently price is seen getting rejected again from its upper channel and is also forming a potential double top pattern. If we use Elliott Wave Analysis here we can also see that price is currently near its 2nd minor wave top and will soon start its 3rd correction wave lower.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower and starting its 3rd minor wave with an ideal wave 1 target around 0.82900-0.83300. This scenario will still be valid as long as price stays below 0.85730.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking above its major resistance zone & its downtrend channel than slowly transition into an uptrend market with an ideal target around 0.86500-0.868750.
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