NZDCAD BEAR MARKET INBOUND! MULTIPLE TARGETS 0.87000 LONG TERM
Good morning from the UK. Following this pair every single week since October 2018, Id like to thing I know this pair quiet week over the past two quarters regarding the way the price moves. Now we have a attempt to close under my weekly resistance, but with a mixture or spinning tops and doji's Price wasn't ready to break below. It was also met by the purple daily key level and trendily preventing the bearish continuation.
Now I've labeled my weekly resistance as 'CRUCIAL' simply being price has rejected breaking beneath this on a higher timeframe in 2019. Yes a whole quarter and more! What I am looking for with the use of a 8H marubozu reacting of a top descending trend line and golden ration 61.8& fibonacci retracement is the beginning of a pullback down.
If we can have some strong bearish candle closures on a daily timeframe around 0.8880 or a new swing low I see this pair sinking to new lows this year of 0.87000.
Now I've labeled my weekly resistance as 'CRUCIAL' simply being price has rejected breaking beneath this on a higher timeframe in 2019. Yes a whole quarter and more! What I am looking for with the use of a 8H marubozu reacting of a top descending trend line and golden ration 61.8& fibonacci retracement is the beginning of a pullback down.
If we can have some strong bearish candle closures on a daily timeframe around 0.8880 or a new swing low I see this pair sinking to new lows this year of 0.87000.