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Nzdcadshort

NZDCAD / H4 / Daily Forex Technical Analysis / 7.16.2019Hello Traders, welcome to the Daily Forex technical analysis. Today is July 16th, 2019 and we will be taking a look at the New Zealand Dollar against the Canadian Dollar. Looking at the 4 hour time frame we are looking for price action to lose steam heading into the .8797 resistance area. If price action fails to break above this local top we will be looking for profitable conditions to set up for a short entry. Entry for a Short position near the .87960 resistance area, with a Stop Loss near the .88205, for what can be a profitable trade with a 2.47 to 1 R/R. Thank you for tuning in please feel free to write a comment or leave some feedback, any advice is greatly appreciated. Have great day and good hunting out there traders!
Short
by FuturesForexClasses
NZDCAD I SELL I TECHNICAL ANALYSISHi there, thanks for clicking. Here on NZDCAD, a nice little ascending wedge pattern has began to form from an initial push down. This could be a good indication for the price to fall if the price breaks outside the wedge pattern which is important to note has began to lose a bit of momentum. E.g. Bullish Hammer pattern have began to form indicating that the price is beginning to be pushed back by the amount of sellers in the market. This setup could be seen as valid but as we all know the markets can do anything. Therefore caution is advised. At the moment, the initial pull-back back into the support which was broken by selling pressure could be a good confirmation if the resistance holds. Furthermore, if we see a bearish candle close when the ascending wedge breaks next we could be looking to get into the market as this would be a good sell indication. Currently, we are still waiting for the setup to be valid, but keep your eyes on this pair as we could be looking at a huge impulsive movement. Good luck. Caution is to be advised when trading. Please always use proper risk management.
Short
by timzajes16
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