Watching NZDCAD at this 0.8275 level
Hey everyone, just looking at $NZDCAD today and a few things are catching my eye. It seems to have run into some resistance around the 0.8275 area repeatedly over the last few sessions. We saw a high today of 0.82749, practically touching that level, and then it's pulled back a bit since. Historically, going back a bit further on the daily chart, this zone has acted as both support and resistance at different times, so it's clearly a significant psychological level for the pair.
I'm curious if this could set up for some sort of bearish options play if it continues to reject this area convincingly. The intraday movement today, hitting the top of the range and then selling off, feels like a potential tell. The risk scenario for me would obviously be a clear break and hold above 0.8275, especially if we see increasing volume accompany it. If that happens, then this resistance idea is probably out the window, and we'd be looking at potential upward continuation. Just wanted to throw it out there for discussion – anyone else watching $NZDCAD and have a different read?
That 0.8275 level has certainly been a sticky point for NZDCAD. Given its history as both support and resistance, I'd be cautious about assuming a clear breakout or rejection without more definitive price action.