NZDCAD - Swing Trading Set Up

٢٢ ديسمبر ٢٠١٨

Price is currently in a descending channel testing the channel support and resistance multiple times. However, price is now testing channel resistance as well as a resistance level (which was previously support but now is a key resistance in the market). Price action is stating three rejections and now has formed three 'Shooting Star' Japanese candlesticks which is a strong indicator of bearish pressure holding price below this resistance level. This set up is providing strong evidence of a reversal in the market to go short.