NZDCAD MARKET ANALYSIS

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 Happy New Year traders, its a new year 2023 I hope you all had a good time during the festive season and spent quality time with friends and family as that's what matters. Coming into the New Year every trader has resolutions and goals one sets to achieve in this financial year, make it count and work towards achieving it. Into the markets today, NZDCAD price rallied to a key H1 & H4 bearish BOS at 0.86157 & 0.85754 which was the origin of the previous drop to the H4 low at 0.84620 after the drop form the major daily chart supply zone at 0.87694 & 0.87180.
Price has filled the minor H1 & H4 range from the H1 & H4 BOS to the H4 low at 0.84620 and back to the H1 & H4 BOS. Price rallied into the bearish BOS and formed a strong rejection wick on H4 with candle close below the bearish BOS. On H1 price formed a strong rejection wick with candle close inside supply followed by a constant drop away from supply in 3 strong bearish candles confirming the bearish sentiment.
Took sell entries during London session at 0.86002 with SL at 0.86300. Setup taken is a rally base drop, a reversal setup and my target is at the next daily demand zone at 0.83550 & 0.83041 as I anticipate price to take out the H4 low at 0.84620 and drop lower to the daily demand zone.






Price dropped to .85600 then retraced to retest the bearish BOS at 0.85760 before a continuation of the drop. Price formed strong rejection wicks on H1 with candle closes below BOS followed by a strong drop away from supply as the market gained bearish momentum during NY session. Price dropped 90 pips to 0.85130 and still showed more bearish momentum as price approached the H1 & H4 low at 0.84620. Price dropped 135 pips to the H1 & H4 low at 0.84620, failed to break it and instead pulled back causing a slight rally. However on the daily chart price still shows a potential continuation of the drop to the major daily demand zone at 0.83550 & 0.83041.
Price faked out a rally forming a lower high on H1 at 0.85100 then dropped strongly in one large bearish candle taking out the H1 & H4 low and formed a lower low at 0.84420 showing potential continuation of the drop.
Current R:R = 1:6








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