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NZDCAD Pressures Critical Support After Failing to Breach 2014 High
Around this time last month I commented on the 4-hour ascending channel that has been forming on the NZDCAD since the May low at 0.8692. We were looking for a close below channel support to signal a change in direction. However, that break never materialized which kept us on the sidelines. Here’s how the pattern looks today. We now have another set of bearish signals including the daily bearish pin bar on September 20th and a weekly bearish engulfing candle that’s in the process of forming. All of this comes after the pair failed to breach the 2014 high at 0.9655 on a daily closing basis. But just like in August, ... (full story)