The volatility of the oil price these days questions the previously taken uptrend. Or does it not?
NZDCAD is on the rise, but not for long
Information is not investment advice
On the H1 chart of NZDCAD, the price has been showing an uptrend lately, rising above the upper band of the Envelopes. That means the upward movement will continue for a while. However, the RSI and Stochastic Indicators are in the overbought zones. Therefore, the bearish reversal is looming in the short-term. The price is likely to move up to the resistance of 0.8563 and bounce downwards. As soon as the RSI crossing the 70% and the Stochastic’s fast line crossing the slow one upside-down confirms that, it may be a good moment to open shorts. The support for this scenario may be placed in the range of 0.8518 - 0.8515.
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