NZDCAD Head and Shoulders Reversal at Flip Zone!

2019-11-14 08:32:03

NZDCAD showing a nice downtrend with lower highs and lower lows until we hit a major support/flip zone of 0.8300.

From here we saw the bulls step back in, at first forming a double bottom pattern, and then morphing into a larger head and shoulders pattern.

There is a flip zone here at 0.85000 that I want to see break before entering. Some may argue the break already happened because today's candle body close is higher than the previous daily candle wicks. But since we are close to a whole number like 0.85, and other reasons (it being a zone), I will await for tomorrows candle close.

First take profit zone will be the 0.8750 zone.