NZDCAD: Triple top and potential 12 month decline ahead
Updated
This chart is significantly interesting for a variety of reasons.
On a technical and fundamental basis I think we can expect NZDCAD to sell off in the intermediate to long term, and right here we have the perfect excuse to join in on this action as a position trade.
The entry is a discretionary entry, below the previous monthly close, in case next month, we stay under the monthly mode at 0.92063, which would confirm the 12 month decline and the target on chart.
Good luck if taking this trade.
Cheers,
Ivan Labrie.
On a technical and fundamental basis I think we can expect NZDCAD to sell off in the intermediate to long term, and right here we have the perfect excuse to join in on this action as a position trade.
The entry is a discretionary entry, below the previous monthly close, in case next month, we stay under the monthly mode at 0.92063, which would confirm the 12 month decline and the target on chart.
Good luck if taking this trade.
Cheers,
Ivan Labrie.
Note
En route, we have to be patient with this one.Note
Possible to reenter or add to it.Note
If march closes below the stop this downtrend is confirmed.Trade closed manually
Might be wise to close the short partially if you're in and move stop loss to entry.Trade closed manually
You can close and flip long to catch a retrace. Stops below 0.855Note
cover*
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