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NZDCADANALYSIS

NZDCAD, GIVE THE BULLS SOME SPACE!Hello Traders, After that massive impulse in the 27th of March we have been looking for the perfect opportunity for a long position, however, our support levels didn't match, until now. What we are looking for here is an H4 rejection in one of our support levels. Give this trade some room because it can take a little bit to reverse, we can still see a move to our major support level, you can look for reversals in 1H and 15M in order to get a better entry, but remember, the lower the timeframe, the riskier it is! Best of Lucks, GlobalYouthTrading For more updates and tutorials about forex trading follow our free telegram group: t.me
Long
by Wevesting
NZDCAD (trendline hit, Possible trend reversal)Price hit .92628 which happens to be - 1) .68% FIB level from 2018 high to low, 2) Resistance level 3) Trendline. 2 scenarios can play out, the price moves higher than .92628, break of channel, 300+ pips OR drop back into the channel 300+ pips The Trigger is on Dec 19th, Q4 NZD GDP numbers come out, prev NZD GDP was a huge surprise - Previous - 2.6%, Actual 2.8, forecast was for 2.5. Recall Australian GDP was a huge disappointment on DEC 4th with a print reading of .3 versus .6 expected. On the Canadian side - the unemployment dropped to 5.8 to 5.6 and 94k jobs created - OIL prices, which looks like its stabilizing, if Oil moves higher, more confirmation of downward move. - Canadian WTI-WSC spread rapidly decreasing from a high of 55 to 14.75, avg for the year is 35. (alberta cut production) NZ-CA 10 year spread bottomed on 4th OCT - at .03 and moved higher since then to 40, still around the average. To summarize - IF NZD GDP is a big miss, heavy short, top is in place, downtrend begins. IF NZD GDP takes a big leap, then look for breakout IF NZD GDP is normal then as is follow PA.
by amoktan