💱 NZDCAD - Preparing for a further fall. False breakdown

18 พ.ค. 2023

The NZDCAD makes a false breakout of the level 0.84245 and a false breakout of the ascending resistance line. Price is not ready to rise.

TA on the high timeframe:
1) sideways range. A correction is forming after a small rally
2) The price updates the local minimum and consolidates under the level 0.84150.

TA on the low timeframe:
1) False breakout of strong resistance
2) Price consolidates in the sell zone
3) Price is in the 0.8425 - 0.8335 range.
4) The price can go from the resistance to the support at 0.8335.

Key resistance 0.8425
Key support 0.8396, 0. 8375