NZDCAD – bearish engulfing on the daily chart – 02.01.2020
Interestingly, the first session of this year on NZDCAD started.
The last day of the past year ended with a large bearish candle covering the previous day creating a bearish engulfing formation. Today, from the morning, the falls continue and the price is already below the mentioned formation, heading to support of the channel. The MACD is “red”, suggests bearishness.
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On the H4 chart we can predefine the target of sellers. If the market overcomes the channel support, the nearest demand zone starting at 0.8615 may be the first supply target. It is worthwhile to observe price behaviour with on channel support and if it is successfully overcome, join the sellers.
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