NZDCAD MARKET ANALYSIS

 Good evening traders, this week in the markets is going on well with quite a number of profitable opportunities presenting themselves and it is our duty to take advantage of such opportunities. Into the charts today I'm looking at NZDCAD and GBPUSD whose analysis I'll be dropping in the next post. Looking into NZDCAD, price rallied to a major H4 & daily supply zone at 0.87694 & 0.87220 which is the origin of the previous drop to the H4 demand zone at 0.84790 & 0.84444. Price has filled the H4 range from the H4 & daily supply zone to the H4 demand zone and back to the H4 & daily supply zone.
Price rallied back to the H4 & daily supply zone at 0.87220, formed a strong rejection wick on H1 & H4 with candle close below supply followed by a strong drop away from supply in 3 H1 bearish candles to 0.86670. Took sell positions during NY session at 0.87216 with SL at 0.87600. Setup taken is a rally base drop, a reversal setup and my target is at the H4 demand zone at 0.84790 & 0.84444.

Price dropped 50 pips to 0.86700, retraced to 0.87000 then dropped again with strong bearish momentum taking out the low at 0.86700 and forming a lower low at 0.86380 and still showing more bearish potential with price having already dropped 80 pips. I'm looking forward to price taking out the H4 low at 0.86390 to confirm a shift in market structure to bearish and a continuation of the drop lower.

Price gained more bearish momentum during NY session dropping 120 pips to 0.86020 in all bearish candles showing strong bearish momentum. Price took out the H4 low at 0.86380 and dropped lower confirming a shift in market structure to bearish forming new lower lows showing a possible continuation of the drop to the H4 demand at 0.84768 & 0.84444 for price to fill the major H4 range from the H4 demand zone at 0.84768 & 0.84444 to the H4 & daily supply zone and back to the H4 demand zone.
Current R:R= 1:4