NZDCAD October 11th, 2023

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The NZDCAD pair on the daily chart displays a prominent trendline acting as both support and resistance. Currently, the price is in close proximity to the resistance area, and traders may consider placing a sell stop order near blue diagonal square area. This technical approach is supported by observations of the stochastic indicator, which has exhibited a crossover above the overbought zone. Historical instances suggest that such crossovers indicate a potential shift towards a bearish trend.

It is advisable to wait and see, delaying the entry until the price reaches the resistance level. The bearish movement is targeted towards 0.807, a zone that has previously served as a rebound area.