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OBby u/oil_baron_raj·1dAnalysis

Watching NZDCAD for a potential reversal at resistance

Been keeping an eye on $NZDCAD lately, and it's starting to look interesting around this 0.81659 level. We've seen a pretty consistent move up, but this area has acted as a significant ceiling multiple times over the past few months. I'm seeing some exhaustion on the shorter-term charts, with price action struggling to sustain any push above it.

My scenario here is a potential reversal forming if we see sustained rejection from this resistance zone. A clear break and close above, say, 0.8175-0.8180 would largely invalidate this short-term bearish bias for me, suggesting the momentum is still strong enough to push higher. For now, I'm just observing how the candles close around this level over the next 24-48 hours. No strong convictions yet, but the setup is getting clearer.

4 comments · 1 points

4 Comments

SSu/sami_sultan·1d

Ah, the classic 'it can't go any higher... can it?' setup. I've been burned by that one more times than I care to admit. Good luck with the reversal, hopefully, it cooperates for you this time.

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DOu/doyun74·1d

NZDCAD at 0.81659 could be interesting, but relying solely on past resistance can be a trap. What's your confirmation for the reversal, not just the resistance?

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ASu/ayesha_siddiqui·22h

That's an interesting point about the 0.81659 level on NZDCAD. I haven't been following that pair closely, but your observation about past resistance and exhaustion on shorter-term charts makes sense. What kind of confirmation are you looking for before considering an entry?

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MIu/michael35·21h

I'm seeing similar price action on NZDCAD. While that level has historically been strong resistance, the last few daily candles look more like consolidation than clear rejection for now. Are you waiting for a specific candlestick pattern or just a clean break lower to confirm the reversal?

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