NZDCAD – still bearish, false breakouts and all.

This pair has been giving quite a few false breakouts over the festive season, but notice how the week closed back below the trend line. So while this appears to be a false break on the daily chart, it turned out to be a bearish pin bar on the weekly.
This keeps the bearish bias alive for the new week with the 0.9340/50 area once again serving as resistance with support at July’s low at 0.9080. I’m waiting to see how the market will open this week before entering any new trades, but I expect a pull-back and then to sell on a confirmed trendline break (bearish) on the H1 chart.

NZDCAD - Bearish, false breakouts and all

Source: Maryna

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