NZD/CAD - Probable Head & Shoulders formation
Hello Traders, it's probable a formation of an head & shoulders on
NZDCAD
hourly. We have seen the price rise today reaching important overbrought levels in my opinion also due to the long positions of commercial and non-commercial funds identified by last week's COT data. For today we can try a short in the area indicated on the chart waiting for tomorrow's COT data for Tuesday. It may be that the long phase on NZD/USD and the massive short on CAD/USD are over.
NZDCAD
hourly. We have seen the price rise today reaching important overbrought levels in my opinion also due to the long positions of commercial and non-commercial funds identified by last week's COT data. For today we can try a short in the area indicated on the chart waiting for tomorrow's COT data for Tuesday. It may be that the long phase on NZD/USD and the massive short on CAD/USD are over.