NZD/CAD short opportunity
Updated
Technical Analysis: Bias Bearish
- Price action has failed to extend break above 21-EMA
- Pair slips below 5-DMA, 5-DMA has turned south
- Major EMAs are downward sloping and price below daily cloud
- RSI below 50 and biased lower, MACD well below zero mark
Fundamental View:
- Markets will be watching out for New Zeakand August business confidence data due later this week.
- The Reserve Bank of New Zealand (RBNZ) has cited weak investment intentions as a reason for a more subdued outlook for the New Zealand economy.
- RBNZ Gov Orr, at the Jackson Hole, reiterated that the central bank intends to hold policy rates low for an extended period of time which is likely to keep a lid on the Kiwi dollar.
Support levels - 0.8641 (Nov 17, 2017 low), 0.8561 (Aug 15 low), 0.8555 (trendline)
Resistance levels - 0.8679 (5-DMA), 0.8716 (21-EMA), 0.8761 (Aug 22 high)
Good to go short on upticks, SL: 0.8720, TP: 0.86/ 0.8565/ 0.8555
- Price action has failed to extend break above 21-EMA
- Pair slips below 5-DMA, 5-DMA has turned south
- Major EMAs are downward sloping and price below daily cloud
- RSI below 50 and biased lower, MACD well below zero mark
Fundamental View:
- Markets will be watching out for New Zeakand August business confidence data due later this week.
- The Reserve Bank of New Zealand (RBNZ) has cited weak investment intentions as a reason for a more subdued outlook for the New Zealand economy.
- RBNZ Gov Orr, at the Jackson Hole, reiterated that the central bank intends to hold policy rates low for an extended period of time which is likely to keep a lid on the Kiwi dollar.
Support levels - 0.8641 (Nov 17, 2017 low), 0.8561 (Aug 15 low), 0.8555 (trendline)
Resistance levels - 0.8679 (5-DMA), 0.8716 (21-EMA), 0.8761 (Aug 22 high)
Good to go short on upticks, SL: 0.8720, TP: 0.86/ 0.8565/ 0.8555
Comment
Pares losses from session lows at 0.8588. Bias lower.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.