NZD/CAD Sell Trade Idea - Bearish Reversal SetupAnalysis:
NZD/CAD is showing signs of a potential bearish reversal. The price has recently tested a strong resistance zone near 0.8550 and failed to break higher. This rejection, combined with bearish divergence on momentum indicators like RSI , suggests that sellers are regaining control. The formation of a bearish candlestick pattern at resistance reinforces the probability of a downside move.
Reasons for the Trade:
Rejection from a strong resistance level with confirmation from bearish divergence.
The price structure suggests a lower high, pointing towards a continuation of the bearish trend.
Risk Management: Properly set your stop loss and adjust your position size according to your risk tolerance to manage potential drawdowns.
Disclaimer: This is a trade idea, not financial advice. Always conduct your own analysis and consider your risk tolerance before executing any trade.
