NZDCAD | Opportunity for low risk short.
NZDCAD has been trading in a descending channel on the daily chart for some time.
After failing to reach the descending trend line at the top level of the channel price has steadily declined and broke below 0.9100 support.
Price is now treating this zone as resistance and we've seen a slow down in momentum.
If price declined to the 0.89150 support we would go short upon a break & retest of this level.
Alternatively we may see price increase to the descending trend line before dropping. Either opportunity sets us up with a low risk short trade.
After failing to reach the descending trend line at the top level of the channel price has steadily declined and broke below 0.9100 support.
Price is now treating this zone as resistance and we've seen a slow down in momentum.
If price declined to the 0.89150 support we would go short upon a break & retest of this level.
Alternatively we may see price increase to the descending trend line before dropping. Either opportunity sets us up with a low risk short trade.
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