NZDCAD - Support rejection can turn pair bullishGood week everyone,
As we can see NZDCAD is rejecting the bottom of our big channel (daily) and 50 weekly EMA level.
Now we can see H4 price is approaching 50ema+200sma and already overbought on h1 and because of this, its not a good idea to long right now.
Strategy: Wait break and close above H4 50EMA then long aiming monthly pivot + .382 fibo zone around .91000
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Nzd-cad
NZD/CAD short opportunity NZD/CAD finds strong support at 110-EMA and cloud.
Break below will see drag till 38.2% Fib at 0.8914 ahead of 200-DMA at 0.8885.
Support levels - 0.9019 (110-EMA), 0.9010 (cloud base), 0.8914 (38.2% Fib)
Resistance levels - 0.9062 (200W SMA), 0.9075 (5-DMA and cloud top), 0.91
Watch out for break below 110-EMA to go short, SL: 0.9075, TP: 1.8915/ 1.8885
NZDCAD, SELL ON H1, BUTTERFLY AND RISING WEDGENZDCAD has complete a bearish butterfly and given a clear signal from a broken rising Wedge
SCENARIO
Recommendation: Sell
Wait for a Bearish signal on the test of the Rising Wedge Resistance now turned support and Sell.
The Forcast will be invalidated when price close back inside rising wedge
Goodluck
May the Market be with you
NZDCAD buy opportunity, SHS formingThe NZDCAD pair broke above a long-term trendline which has started in late 2016 and formed what looks like an inverse SHS pattern.
A daily close above 0.9300 would mark the pattern as triggered and confirm a buy setup.
This week's RBNZ rate meeting will likely create volatility in NZD pairs and either confirm our bullish bias or put the trade on hold.
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NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9236 (horizontal swing high resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) where a strong drop might occur below this level to our major support at 0.9074 (horizontal swing low support, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9236 (horizontal swing high resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) where a strong drop might occur below this level to our major support at 0.9074 (horizontal swing low support, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
NZDCAD approaching resistance, potential drop! NZDCAD is approaching our first resistance at 0.9240 (horizontal swing high resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 0.8981 (horizontal swing low support, 76.4% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our first resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
NZDCAD Potential ShortWeekly - as we can see NZD has been on a downtrend since November 2016 and has been respecting the descending trendline on separate occasions and on every-time it has reversed heavily. NZDCAD is approaching a key level and double top region, the last price has broken through this area was 11 months ago in march, since then it has been rejected 6 times and we are approaching the 7th attempt
Daily - on the daily price has been ranging since the start of the year then price broke out last week and has been very bullish for 3 consecutive days. we now see price hitting our descending weekly trend line and the weekly price zone in red
What We Are Looking For - we want to price to enter and reject this red zone and yellow circle to show that sellers are active. and then we want to see sellers take full control. by reject I would expect multiple candles with very large wicks and small body's
Fundamentals - NZD PMI and CAD new house pricing on Thursdays which is only medium volitility so it should not effect our charts to much
NZDCAD reaching important resistance on D1After ranging since the beginning of 2019, NZDCAD is now approaching an important trendline resistance on the daily. The trendline has started in late 2016 and has been tested multiple times so far.
We need to see a bearish candlestick pattern on the trendline to enter with a short position. A break above the trendline would aim for the 2018 high of 0.95.
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