Hey guys,
this is the 4hr chart on NZDCAD but my analysis, as usual, starts from higher timeframes: on the daily price has just touched a key level of structure (yellow box) along with the D point of an AB=CD pattern. As we go on lower timeframes such as 4hr you can see price has formed a pinbar followed by an engulfing red candle in overbought condition. Then at the retest of the highs we see RSI divergence and less strength in price action.
These are all good signs for a reversal. Let's see how it plays out.
Stops above highs, targets as displayed above.
If you have any question or if you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
this is the 4hr chart on NZDCAD but my analysis, as usual, starts from higher timeframes: on the daily price has just touched a key level of structure (yellow box) along with the D point of an AB=CD pattern. As we go on lower timeframes such as 4hr you can see price has formed a pinbar followed by an engulfing red candle in overbought condition. Then at the retest of the highs we see RSI divergence and less strength in price action.
These are all good signs for a reversal. Let's see how it plays out.
Stops above highs, targets as displayed above.
If you have any question or if you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
Dagangan ditutup: hentian tercapai
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.