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Nzd-cad

NZDCAD - The Ugliest Butterfly You've Never SeenAbove you can see a very only-shaped butterfly ; price isn't exactly flowing from each co-ordinate to the next but the ratios fit the bill, so it's a butterfly . The reason I am at least considering taking this trade is the level of support- you can see in the update below that price is at a key level of weekly support/resistance . Furthermore, the daily trend line has been broken (before price subsequently dropped after the NZD government announcement). Bearish in mind that price goes through cycles of trending, then consolidation before making new trend, the false break of the daily trend line could be a sign of the beginning of a consolidating market for this pair. And I don't have to tell you which types of markets harmonic patterns work best in! Butterfly ratios: X:B = 78.6% A:C = 38.2:88.6% B:D = 1.618-2.24% X:D = 127.2%
Long
by KyleMcQuade
NZD/CAD breaches junior channelThe New Zealand Dollar is trading in two opposing channels against its Canadian counterpart. The senior pattern was formed mid-September when the Kiwi started to create distinctive waves up and down. Its last moment upwards was likewise stranded between two channel lines. The rate peaked at 0.9020 and was subsequently dominated by bears. The rate continued to plunge early on Wednesday and thus broke out of the junior pattern. It is likely that this fall is stopped at the weekly PP and the 200-hour SMA circa 0.8915, as technical indicators have already been pushed into the oversold territory. The base scenario favours the rate recovering from its intraday losses and thus returning near the bottom boundary of the junior channel, the 100-hour SMA and the 50.0% Fibonacci retracement circa 0.8650. In the medium term, however, the rate should push for the lower boundary of the senior pattern located near the monthly S1.
Short
by UnknownUnicorn890690
NZD/CAD trades in symmetrical triangleThe New Zealand Dollar has formed a medium-term symmetrical triangle against its Canadian counterpart. The rate is gradually diminishing its trading range and might be near a breakout point. Meanwhile, the last two waves have formed a descending channel. As apparent on the chart, the latest depreciation of the Kiwi is being slightly hindered by a strong support area set by the 23.6% Fibonacci retracement, the 55– and 200-hour SMAs and the weekly PP. The following hours will demonstrate if this level is to be breached. If yes, the rate should approach the 0.8940 mark where the lower triangle boundary is located. This line is also likely to break under the pressure to pave the way towards the lower channel boundary. Conversely, the failure to move below the 0.8980 should send the pair towards the upper triangle boundary; however, the aforementioned bearish scenario should eventually prevail.
by UnknownUnicorn890690
NZD/CAD Follow the trend!PRO TIP! Hi boys! There are some pairs that just follow trends and this is one of them. Keep following the trend. Elliots within elliots. HHs and HLs are developing. Don't trade when its in consolidation and around fundamentals. Use Fibonacci to know when to TP. Never go against the trend and always put a tight stop loss just below the previous low. If your stop loss hits who cares. Keep repeating. You will win more than you lose, but even if you win 50% of the time you will be successful because the average RR ratio with this method is 1.9. :)
by minthooka
Short NZDCAD - Political Overhang (Late Entry)NZD has been weak since the stalemate election. I looked at this pair yesterday and thought I wanted to go short it given CAD is a strong currency and generally there are few major news for it this week (BOC Governor Poloz's speech tomorrow and the GDP on Friday). NZD in my opinion can remain surpressed as the NZ politician scramble to form a coalition government. Market reaction so far is if National wins NZD up and if Labour wins NZD down. It's all in the hand of New Zealand First's leader to choose which side he wants to take on. My guess and probably the market at the moment is he is going to side with Labour and thus a weak NZD. But almost anything can happen with this kind of election outcome thus the reason I'm not so keen to take on this trade. Nevertheless, I believe uncertainty will dampen demand for NZD thus weaken the currency in short term, I would trade this but with 1/2 the usual size. Technical wise, I missed the entry as it rebound to 0.9 level. I'll use that level as SL now and aim to hit the 0.89 level. This trade may need more support from CAD good news.
Short
by vietbach1990
NZD/CAD long setupNZD/CAD has held major trendline support at 0.8740 in last week's trade. The pair has edged higher to break 20-DMA resistance at 0.8922, bias higher. Technical indicators support upside in the pair. RSI and stochs are biased higher and MACD is showing a bullish crossover on signal line. Close above 20-DMA raises scope for upside, next major resistance seen at 0.9010. On the flipside, 20-DMA at 0.8922 is immediate support, we see weakness on break below. We evidence bullish divergence on RSI and Stochs which adds to bullish bias. Support levels - 0.8922 (20-DMA), 0.8876 (5-DMA), 0.8755 (trendline) Resistance levels - 0.8980 (23.6% Fib retrace of 0.9758 to 0.8740 fall), 0.9015 (trendline), 0.9113 (Aug 29 high) Good to go long on break above 0.9015, SL: 0.8920, TP: 0.91/ 0.9140/ 0.9170.
Long
by FxWirePro
NZD/CAD near channel boundaryThe New Zealand Dollar has been trading in a four-week descending channel against its Canadian counterpart. After reaching the lower channel boundary circa 0.8751 (one-year low), the pair entered a minor consolidation period. Subsequently, it failed to form a wave down right away, but remained near the upper channel boundary—a signal indicating that bulls might eventually take the upper hand. However, this level is reinforced by the monthly S1, the 100-, 55– and 200-hour SMAs and the weekly PP. Without bulls pushing aggressively, the Kiwi is unlikely to overcome this area. This scenario is likewise supported by bearish technical indicators that favour the rate initiating a new wave down. This fall might be halted by the weekly S1 or the monthly S2 at 0.8724 and 0.8659, respectively, as the Kiwi is not expected to decline even further.
by UnknownUnicorn890690
NZDCAD ShortSimilar to USDCAD, riding its bearish trend especially with the political uncertainty in the upcoming election in New Zealand and strong bullish sentiment on CAD right after BOC's rate hike. Must monitor closely especially right before NZ's election next week (9/23). Setting up a sell stop order with TP near 0.85 (prior period's S3 pivot line) and SL between S1 and base pivot lines. www.fxstreet.com seekingalpha.com Daily: Weekly: Confidence: A (monitoring closely especially for any developments regading New Zealand's election)
Short
by aiza_belle
NZDCAD - CAD oversold leading heading into good dataNZDCAD erased all the gains from CAD rate hike. NZD is a high yield currency so understandably if they gain significantly against low yield currency such as USD but to gain a lot against another commodity currency such as CAD is puzzeling to me. Next week there is not much news for both NZD and CAD but the most significant data left this week is the CAD employment data which is expected to be good for CAD. The general price action so far today has zero consideration for this in my opinion. I checked sentiment all across CAD pairs and it's a general sell-off, leading by USDCAD but the actual most gain so far today is NZDCAD so I thought the odd to go short from here is better. Technical wise, it is re-testing the resistance at 0.885 round level and Pivot 0.886. I will enter Short here. Stop is above the Pivot and TP is around 0.878 level.
Short
by vietbach1990
NZD/CAD LongFollowing my resent analysis on the Euro against the Cad, here is a bullish bat for the New Zealand Dollar. The NZD, like the euro, has seen some strength in past weeks- however it has began to pull back slightly. This loss of momentum has aided the rapid decline in its value against the Canadian dollar, along with the BoC interest rate rise. This decline has reached a key level for this pair, which will be illustrated below. Weekly support has been approached- an area where we have previously a seen solid reversal area for two shoulders! It is not unlikely that this pair will reverse in the same area. Obviously, reversals come when there is an imbalance in supply vs demand/price vs actual value. As per the key support level, the harmonic pattern, and the sharp rise in the cad's value, I believe it is time for the NZD to rise and even out the current imbalance that has occurred due to the interest rate hike. As always, risk will be 1:3 with the bat pattern. Bat Ratios X:B = 0.38-0.5 A:C = 0.382-0.886 B:D = 1.618-2.618 X:D = 88.6%
Long
by KyleMcQuade
NZDCAD Short Opportunity 1hr TFGood Morning Traders around the world! The NZDCAD 0.10% has consolidated on the 1 hour timeframe meaning we can prepare for another short opportunity which will hopefully take the market down to the key level i identified on my larger time frame analysis. (Below is the daily time frame and the breakout were expecting) Currently on the 1 hour timeframe, the market is just chopping along slowly so prepare for the short! It can break at any time.. Good luck trading, and I'll be posting more updates on this pair. Ike
Short
by IkeOkeke
Follow the Trend, My Strategy!This is my trading plan. You can look through my published ideas to look at other examples. I need 3 reasons to enter a trade. 1. A clear direction. I use 3 emas 50, 100, and 200 as shown in the chart.(Required) 2. A horizontal support/resistance area. (Required) 3. Price retrace to one of the emas to act as resistance. (preferably than fib) 4. Fib continuation 0.382, 0.5, or 0.618 level. Placing a stop loss. My target for stop loss is between 10-25 pips. I place my stop loss behind the horizontal and/or the next ema. My target price is always 2 times more pips than I risk. ---------------------------- I trade between 15 pairs, and on 30 minute time frame. One reason is to counter F.o.m.o trading(Fear of missing out). Counters Revenge trading because my trade size is smaller, and the opportunities are endless. Counters Gambler's Fallacy because I require 3 reasons to enter a trade, I don't enter a trade and expect to win after losing 3 times in a row, I place a trade based on my strategy. I'm still trying to evolve as a trader, as you can see that throughout my published ideas.
Education
by PavelKarakay