Jai30
Short

NZDCAD Potential Short Opportunity

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD is looking very bearish . The overall trend of this pair is in a bearish . The market has recently hit the descending resistance and has struggled to continue bearish and is ranging. The market has hit the resistance of the 0.91000 psychological level. This level has seen the price test it and fall sharply bearish numerous times in the past. The most recent retest could be seen as a double top formation also. Anyway, due to the tall upper wicks forming at the 0.91000 resistance and the MA and EMA have just crossed over putting the EMA on the bottom.

The confluence for this to be bearish are the taller upper wicks, the price stall and seeming to reject 0.91000 psychological level, the MA and EMA cross over, the Doji looking candle which looks like an evening star formation all to name a few. I am bearish on this trade down to 0.90200 as the first target and the next target after that down to 0.89500 depending on price action at 0.90200.
I like the look of this setup as it failed to take out recent highs of 0.19200 so all things point to a sell, nice analysis mate, keep up the good work.
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Jai30 Apex_Gregg
@Apex_Gregg, Thank you mate, I will be looking to enter this trade, around the middle of January I entered aggressively on a head and shoulders formation on this pair and at the neckline it rejected and went bullish. Head and shoulders turned into a double bottom on the right shoulder and cost me around 50 pips, luckily my SL was at a healthy profit! This can be a very volatile pair.
+1 Reply
@Jai30, Agressive trading is not always good, but if correct the rewards are great, I’m glad you moved you SL into profit 👌
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