NZDCAD has been trading in a strong Bullish Trend. After a short period of retracement at the 0.81720 price level, the Bullish run has continued.
Following the strong Bullish run, the price action has formed an AB=CD pattern, following which strong divergence has been observed on the RSI on the 1 hour timeframe and a Double Top pattern has emerged, hinting a strong reversal into a Bearish trend, if the price breaks the 0.82001 level.
Trade Plan: Short
Entry: 0.81975
SL: 0.82452
TP1: 0.81500
TP2: 0.81020
Following the strong Bullish run, the price action has formed an AB=CD pattern, following which strong divergence has been observed on the RSI on the 1 hour timeframe and a Double Top pattern has emerged, hinting a strong reversal into a Bearish trend, if the price breaks the 0.82001 level.
Trade Plan: Short
Entry: 0.81975
SL: 0.82452
TP1: 0.81500
TP2: 0.81020