M4FXG

NZDCAD Trend Change ??

Short
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
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1
Daily Analysis:

- Daily closure yesterday rejected 38.2%
- Daily reversal candle printed and closed below 0.91000
- MACD showing divergence
= Sell

(Potential trend reversal after MACD indicating a change in trend momentum, also Fibonacci level 38.2% being rejected)

Comments

I'm short on NZDCAD and AUDCAD. NZD and AUD are linked though the respective economies compete. The weekly pictures on both seem right for potential reversals, though not everybody will agree. My assessment is based on patterns of oscillation. Both currencies NZD and AUD have been unusually bullish in last three weeks, especially at a time of serious crisis in lands 'downunder'.
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