NZDCAD at Key Resistance Level: Will it Drop To 0.81608?

16 Nis

NZDCAD is approaching a key resistance level that has previously acted as a strong barrier, triggering bearish momentum in the past. This zone also aligns with prior supply areas where sellers have stepped in, making it a potential point of interest for those looking for short opportunities. Given its historical significance, how price reacts here could set the tone for the next move.

If bearish signals emerge, such as rejection wicks, bearish candlestick patterns, or signs of weakening bullish pressure, I anticipate a move toward the 0.81608 level. However, a clear breakout above this resistance could challenge the bearish outlook and open the door for further upside. It's a pivotal area where price action will likely provide clearer clues on the next direction.

Just my take on support and resistance zones, not financial advice. Always confirm your setups and trade with a proper risk management.
Best of luck!

17 Nis

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