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NZDCAD – Approaching Multi-Year Resistance Zone (daily chart)
As we’ve been talking about in our member commentary, we felt the NZDCAD would likely attach the multi-year resistance zone between 9530 and 9630.
Today after the RBNZ rate announcement, it spiked up and has officially re-entered the zone after only one touch this year.
ST the price action is continuing to build with HH’s (higher high’s) and is starting to form a pre-breakout squeeze and 20 EMA carry.
If this continues, then the zone will be heavily challenged to breakout higher. Until we get a daily close above 9630, I’m MT & LT neutral-range biased while ST bullish bias as the price action continues to build.
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