• Vasily Trader

NZDCAD: Trend Following Opportunity

NZDCAD is trading in a bearish trend for quite a while.

Recently the price has set a new local low.

Now we see a retracement and retest of the previous one that now turned into resistance.

On hourly the price formed a double top pattern within a resistance cluster.

To short wisely, wait for a breakout of 0.8968 minor support.

Then the price will most likely drop.

In case of a bullish violation of the underlined zone, setup will be invalid.