Overlap support ahead?NZD/CAD is falling towards the pivot which acts as an overlap support and could bounce from this level to the 1st resistance.
Pivot: 0.83496
1st Support: 0.83107
1st Resistance: 0.83993
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CADNZD trade ideas
NZDCAD SHORTSPrice broke Daily Structure making majority of my timeframes bearish, Hence bias
Market structure bearish DH
Entry at Weekly and Daily AOi
Weekly Rejection candles at the AOi
Strong Weekly bearish close
Daily Rejection at AOi
Previous Daily structure point
around Psychological Level 0.84000
H4 Touching EMA
Candlestick rejection
Rejection from Previous structure
Levels 4.48
Entry 100%
There is a strong possibility price will not retrace to my AOi, I Will monitor and react accordingly but as usual;
REMEMBER: Trading is a Game Of Probability
: Manage Your Risk
: Be Patient
: Every Moment Is Unique
: Rinse, Wash, Repeat!
: Stay Hydrated
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NZD/CAD : 4h - SHORT TradeNZD/CAD is right now showing Bearish trend. There is no RSI bullish divergence as yet. Therefore, this trend is likely to continue at least till it reaches Fib 0.382 Level. During the day it may swing up and down but eventually will go downwards.
Also note that market's Commercial buyer are LONG for the future trades (refer barchart.com ) which implies that trend is expected to go Bullish in a week or two. For those of you (my readers) who do not want to wait for a week can follow this SHORT trade. Afterwards once trend reversal is confirmed then LONG trade will be taken which will continue for a month or so.
My trade values are depicted on the price chart.
Heading into overlap resistance, could it reverse?NZD/CAD is rising towards the pivot and could potentially reverse from this level to the 1st support.
Pivot: 0.83992
1st Support: 0.83442
1st Resistance: 0.84341
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
NZDCAD is BearishPrice was in an uptrend, however a bearish divergence appeared on four hourly time frame, which led to the break of previous higher low and the formation of a lower low. If the bears remain in control like this, further downside in price action is expected. Targets are mentioned on the chart.
NZDCAD: Policy Divergence Favoring the KiwiHello Traders,
In today's trading session, we are keeping a close watch on NZDCAD for a promising buying opportunity around the 0.83900 level. After experiencing a prolonged downtrend, NZDCAD has successfully broken out and is currently in a correction phase. This correction is bringing the pair closer to a critical support and resistance zone at 0.83900, making it a prime area for potential buy entries.
The ongoing policy divergence between the Reserve Bank of New Zealand (RBNZ) and the Bank of Canada (BoC) adds an extra layer of favorability for the NZD over the CAD. The RBNZ's more accommodative stance compared to the BoC's policies provides a supportive backdrop for the NZD, further bolstering the case for a buying opportunity at this level.
Trade safely,
Joe
NZD/CAD- SHORT Trade Call - D- Bearish Butterfly Harmonic PatterNZD/CAD SHORT Trade Call :
On Daily Time Frame, Bearish Trend is establishing after following Harmonic Bearish Butterfly Reversal Pattern.
Take SHORT Trade and set TP as per Support Zone 1 and Support Zone 2.
If one wants to go by Fib Retracement, then Fib 0.382 and Fib 0.618 should be TPs.
Stop Loss should be 0.85308.
NZDCAD: Bulls Will Push
Remember that we can not, and should not impose our will on the market but rather listen to its whims and make profit by following it. And thus shall be done today on the NZDCAD pair which is likely to be pushed up by the bulls so we will buy!
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NZDCAD Will Go Higher! Long!
Here is our detailed technical review for NZDCAD.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 0.842.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 0.846 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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NZDCADLooking to enter on this trade soon depending if certain confluences line up but so far there are good confluences showing itself like all three timeframes in sync , at well respected zone and the fact that on the 1hour price switched structure into bullish. Just a quick analysis let's see what happens and if price give me the green light to enter
NZD/CAD: Capitalizing on RBNZ Stability and BoC DovishnessHello Traders,
In the coming week, we are closely monitoring NZD/CAD for a potential buying opportunity around the 0.84090 zone. NZD/CAD is currently trading in an uptrend and is undergoing a correction phase, bringing it closer to the key support and resistance area at 0.84090. This level has historically served as a significant pivot point for price action, making it an attractive entry point for long positions.
From a fundamental perspective, the Reserve Bank of New Zealand (RBNZ) is maintaining a steady stance and is not looking to cut rates anytime soon. In contrast, the Bank of Canada (BoC) seems to be on pace to cut rates, given the easing inflationary pressures in Canada. This divergence in monetary policy favors the NZD over the CAD, adding strength to our bullish outlook on NZD/CAD.
Additionally, the overall bullish sentiment in the stock market could further benefit NZD/CAD due to the positive correlation between risk-on environments and NZD strength. This confluence of technical and fundamental factors makes the 0.84090 zone a strategic area to look for buying opportunities in NZD/CAD.
Trade safely,
Joe
NZDCAD Will Go Higher! Buy!
Please, check our technical outlook for NZDCAD.
Time Frame: 8h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 0.841.
The above observations make me that the market will inevitably achieve 0.846 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!