Good morning Traders!
The New Zealand dollar has finished the week lower against many of it’s trading partners, and NZDCAD caught my eyes.
NZDCAD
Following a pullback on the Weekly chart, last week move, while coming close, failed to break the high of the previous weekly candle high, which can be seen as a bearish sign.
On Friday, the market broke with gust the previous Daily swing Higher Low and closed below it. I also like the fact that the market closed below the area of the 84.00 which has been an area of S/R in the past.
I am looking for a pullback to the 4hr level of S/R around the 84.60 area, and then for a rollover setup in the direction of the overall longer term trend.
Happy Trading!
