Watching NZDCAD for a potential double top forming on the daily
Been keeping an eye on $NZDCAD lately and can't shake the feeling we might be carving out a double top on the daily chart. Price seems to be struggling a bit around the 0.8250-0.8260 region, which aligns with the prior swing high from a couple of weeks back. Today's push up to 0.82576 seems to be losing steam, and I'm watching to see if we get a decisive rejection here, potentially forming that second peak.
The neckline I'm looking at would be around the 0.8208 area – that's where we bounced off earlier today and also a key support from last week. A clear break below that could signal a deeper retracement. The risk that invalidates this scenario, for me, would be a strong, sustained move above 0.8260, ideally with daily candle close confirmation. If we start closing above that level, it would suggest the bulls are firmly in control and this double top idea is likely off the table, perhaps indicating a push towards 0.8300 or higher. Just my current read, always open to being wrong on these things.
I'm seeing similar price action there. If we get a clear rejection and close below that range, the pattern would be more confirmed. What's your target if it plays out?