On the daily chart below, we can see that price on NZDCAD already making a move lower and break the daily support level that I marked with the blue line. This move is in line with the strong trend lower. What I’m looking for right now is whether the price could retrace back to the old support/ new resistance level or not. If price could retrace higher, I will wait for the price to form a bearish signal either in daily or intraday level.
NZDCAD daily chart
NZDCAD 4-hour chart
Almost similar with NZDCAD chart above but with the different trend, price on CADJPY already break the daily resistance level with the trend grinding higher. What I’m looking for right now is whether the price could retrace back to the old resistance/ new support level or not. If the price could retrace lower, I will wait for the price to form a bullish signal either in daily or intraday level.
CADJPY daily chart
CADJPY 4-hour chart – zoom out
CADJPY 4-hour chart – zoom in
I’m keeping my eye on this pair. Price now is close the daily resistance level. This level has been respected in the past with the price bounce back and move lower. There is two possible scenario that could emerge on this level and I will watch closely to see whether the price will form a bearish signal and move lower, or break high and close above the daily resistance level.
CADCHF daily chart