I’m looking to sell NZDCAD at 0.8167, expecting a bearish move based on key technical factors.
Reasons for Entry:
Resistance Zone: The 0.8167 level has acted as a strong resistance in the past, making it a potential reversal point.
Trend Structure: The pair is in a bearish trend on the [H4/Daily] timeframe, forming lower highs.
Moving Averages: Price is approaching the [50/100/200 EMA/SMA], adding confluence to the setup.
Fibonacci Level: 0.8167 aligns with the [38.2% / 50% / 61.8%] retracement from the previous swing.
Bearish Divergence: Possible divergence on [RSI/MACD], signaling weakness in the uptrend.
Trade Plan:
Sell Limit: 0.8167
Stop Loss: [Your SL level]
Take Profit: [Your TP level]
Risk-Reward Ratio: [Your RR, e.g., 1:2 or 1:3]
If price rejects this level, I expect a downside move towards [support level, e.g., 0.8050].
What’s your outlook on NZDCAD? Let me know in the comments!