Outlook for NZD/CAD, price is still early and am waiting for more price action to confirm bullish momentum.
Price is currently in a bearish channel but looking at the pair it seems to have made a low or rejection. We may see a very real possibility for price to create another low for a formation of a double bottom before it goes up to meet monthly ranges of 0.89870.
For me confirmation would be after price creates another low near previous lows which should be a decent downside rejection before continuing to make its way up to the previously mentioned monthly ranges. I will be monitoring for price action to form something like the below projected double bottom formation:
Price is currently in a bearish channel but looking at the pair it seems to have made a low or rejection. We may see a very real possibility for price to create another low for a formation of a double bottom before it goes up to meet monthly ranges of 0.89870.
For me confirmation would be after price creates another low near previous lows which should be a decent downside rejection before continuing to make its way up to the previously mentioned monthly ranges. I will be monitoring for price action to form something like the below projected double bottom formation: