NZDCAD 

TECHNICAL ANALYSIS

MONTHLY

The price is in a large strong resistance zone on the monthly chart. The price is showing a typical congestion phase movement with 2 waves up and down in the highlighted congestion zone. It is now on upper part of the congestion zone already reacting to it showing rejections of high prices indicated by that pin bar/shooting star.

The likely next movement is another 2 wave down until we see a change in momentum when either the bulls or bears take over for a larger long term movement. A close below that blue trendline marked T can lead price into the centre of the congestion around 0.90000 support zone marked by red horizontal line S

DAILY

All the support and resistance lines and trendline are same as those on the monthly chart above.

The price is on the daily chart is now held by a trendline support marked X. Close below X can lead price into the bigger support trendline marked T. Close below T preferably a monthly candle close can lead price into S support zone.