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NZDCAD: Potential Short Trade Explained 🇳🇿🇹🇩

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New Zealand Dollar/Canadian Dollar (FX:NZDCAD)  
VasilyTrader  
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Double Top or Bottom Parallel Channel Rectangle NZDCAD newzealanddollar canadiandollar CAD Forex trading Technical Analysis
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doubletoporbottom parallelchannel rectangle nzdcad newzealanddollar canadiandollar cad forex trading technicalanalysis
snapshot

Hey traders,

NZDCAD is trading within a wide trading range on 4H.
0.805 - 0.806 is its resistance and 0.7945 - 0.796 is its support.

Testing the resistance of the range, the price formed a double top pattern.
If the price breaks its horizontal neckline 0.8 - 0.81, I would consider shorting the pair
expecting a bearish move to the support of the range.

If the price violates the resistance of the range,
the setup will be invalid.

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