NZDCAD is approaching a high-confluence resistance area, where multiple technical factors are coming together. 📊
Price is currently retesting the intersection of:
• The upper bound of the rising red triangle.
• The previous major highs, which have repeatedly acted as resistance.
📌 As long as this confluence continues to hold, we will be looking for trend-following short setups, anticipating another rejection from this key resistance area.
As always, rather than selling blindly into resistance, we will wait for bearish confirmation before considering any short positions.
Will sellers defend this confluence once again and trigger the next move lower? 🤔
⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.
📚 Stick to your trading plan regarding entries, risk, and management.
Good luck! 🍀
All Strategies Are Good; If Managed Properly!
~Richard Nasr
Price is currently retesting the intersection of:
• The upper bound of the rising red triangle.
• The previous major highs, which have repeatedly acted as resistance.
📌 As long as this confluence continues to hold, we will be looking for trend-following short setups, anticipating another rejection from this key resistance area.
As always, rather than selling blindly into resistance, we will wait for bearish confirmation before considering any short positions.
Will sellers defend this confluence once again and trigger the next move lower? 🤔
⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.
📚 Stick to your trading plan regarding entries, risk, and management.
Good luck! 🍀
All Strategies Are Good; If Managed Properly!
~Richard Nasr
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Join RichTL - Rule-Based Technical Analysis
RichTL.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
RichTL.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.