WEEKLY FX MARKET ANALYSIS NZDCAD 7TH – 11TH JANUARY, 2019
The major trend of the pair is bearish since we are making lower highs and lower lows. The last time we did analysis on this pair in November 2008, we saw a pin bar forming in a support-turn resistance zone. Furthermore, we see a descending price channel and the trendline has yet to be breached. A strong bearish force of the week has seen to the prices move much lower. Will the bears keep up with the momentum? As always the price is the king and we will wait for further price action to confirm the bears strength.
Summary: Although this currency pair has had a strong bull rally, the movement halted when a pin bar formed at the resistance area. A strong bear candle follows up in the first week of the year, an indication that this currency pair may have resumed the main bearish trend.