NZD CAD SHortmarket has dropped and a nice pull back .. not to 50 EMA but still a nice bearish flag pattern...
1:1 RISK /Reward for first target
Nzd-cad
NZD/CAD breaks below daily cloud, eyes 88.6% FibNZD/CAD is extending previous week's massive slump where the pair fell over 3.25%.
The major has started the week on a bearish note, trades 0.22% lower on the day at 0.8881 at the time of writing.
Price action as slipped below daily cloud and is currently hovering around 78.6% Fib.
Break below eyes next major support at 88.6% Fib at 0.8836 ahead of 0.8825 (trendline) and May 17 low at 0.8786.
Technical analysis supports downside in the pair. Our currency strength index also shows bearishness for the pair.
We see bearish invalidation only on retrace above 200-DMA at 0.9039.
Support levels - 0.8861 (Jan 3 low), 0.8836 (88.6% Fib), 0.8825 (trendline support)
Resistance levels - 0.89, 0.8982 (5-DMA), 0.90, 0.9039 (200-DMA)
Good to stay short on upticks, SL: 0.8945, TP: 0.8860/ 0.8825/ 0.8790
NZD/CAD rejected at 100-DMA, 55-EMA break opens up downsideNZD/CAD attempts to break above 100-DMA have been rejected at multiple occassions since June 5th trade.
Price has now broken below strong support at 55-EMA which has opened up downside for the pair.
Technical indicators have also turned bearish. RSI below 50 levels, bias lower.
Stochs are sharply lower and MACD is on verge of a bearish crossover on signal line.
Next immediate support lies at 0.9058 (38.2% Fib). Break below could see weakness till cloud base.
On the upside, 5-DMA at 0.9133 is immediate resistance. Break above 100-DMA needed for meaningful gains.
Support levels - 0.9058 (38.2% Fib), 0.9006 (50% Fib), 0.8955 (61.8% Fib and cloud base)
Resistance levels - 0.9094 (55-EMA), 0.9131 (5-DMA), 0.9173 (100-DMA)
Good to go short on close below 55-EMA, SL: 0.9175, TP: 0.9060/ 0.90/ 0.8955
NZD/CADE breaks, price reverses, if not in, catch wave 2 retrace. can potentially even go down to break the low and continue downtrend, but take profit on wave 3 and see.
NZD/CADAt this point Ncad is showing some nice divergence between wave s 3 and 5 and we do have an ending diagonal. It only came off the 50% retrace fib, but we may be getting an A-B-C that may reach that level. Considering it is a 5 wave I would expect a 3 wave to follow, then more correction up. I drew a zone that we may get a flag from to continue down. If it makes a small correction and produces a buy setup I would look for it to go up to that .618, but as off now, looks like a completed 5 wave, but trading reversals within corrective structure is not my favorite setup considering the corrections they can go into, so this is just info for someone who can read price action, but simply put. count 5, then 3. The 5 wave measures out as a five 5 as wave 3 hit the 1.618 extension. Plus the overlapping price action, probably sell. At this point, just breaking trend line, confirmation will be a flag. If we get an A-B-C, scalping the "C" wave is the safest thing to do.
Another trading opportunity to sell in NZDCAD.Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of downtrend.
Technical analysis:
While the RSI resistance #1 at 60 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 0.8785 on 05/17/2018, so more gains maximum to Trend Hunter Sell Zone (0.9110 to 0.9170) is expected.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.
Trading suggestion:
There is a possibility of temporary retracement to suggested Sell Zone (0.9110 to 0.9170). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (0.9110)
Ending of entry zone (0.9170)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @0.9000
TP2= @ 0.8930
TP3= @ 0.8860
TP4= @ 0.8785
TP5= @ 0.8640
TP6= Free
Another trading opportunity to sell in NZDCAD.Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of downtrend.
Technical analysis:
While the RSI resistance #1 at 60 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 0.8785 on 05/17/2018, so more gains maximum to Trend Hunter Sell Zone (0.9110 to 0.9170) is expected.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.
Trading suggestion:
There is a possibility of temporary retracement to suggested Sell Zone (0.9110 to 0.9170). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (0.9110)
Ending of entry zone (0.9170)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @0.9000
TP2= @ 0.8930
TP3= @ 0.8860
TP4= @ 0.8785
TP5= @ 0.8640
TP6= Free
Looking to sell NZDCAD around 0.9200I'll be looking for price to hit a previous support now turned resistance on the monthly time frame. Once price moves into this area, then I will watch for bear candles to post on the daily time frame. If bear candles post, then I'll move to the 1H to place sell limit orders at previous market levels.
Where I'm planning on buying NZDCADPrice settled a top of a previous support. This gives me reason to believe that an up trend may be coming. I'll be looking for bull candles on the daily time frame. Once I get a bull candle, I will move to the 1H time frame and place buy limit orders with stops below the entry level.
NZD/CAD struggles at 200-DMA, long break aboveNZD/CAD is extending choppy trade below stiff resistance at 200-DMA at 0.9022.
Technical indicators are biased higher. Momentum studies are bullish. Trend indicators support upside.
Breakout at 200-DMA raises scope for test of 50-DMA at 0.9112 ahead of 61.8% Fib at 0.9238.
On the flipside, the pair is holding above 21-EMA which is strong support at 0.8969. We see weakness only on break below.
Support levels - 0.8981 (5-DMA), 0.8969 (21-EMA), 0.89, 0.8880 (Jan 5 lows)
Resistance levels - 0.9022 (200-DMA), 0.9065 (38.2% Fib), 0.91, 0.9112 (50-DMA
Good to go long on decisive break above 200-DMA, target 0.9065/ 0.91/ 0.9120
Short to .88Selling this pair as price was rejected from the weekly resistance level with the announcement of Bank of Canada
Great Risk Reward
NZDCAD - 4hr Long Trade Trade what we see:
Price has broken it's bearish resistance line and smashed through a previous S&D zone.
Bullish engulfing candles suggests buyers are in control and we are looking for a rally higher to it's fib level.
NZD/CAD eyes 88.6% Fib at 0.8741, stay shortNZD/CAD is extending grind lower, remains capped below 5-DMA at 0.8843.
The pair has broken 78.6% Fib at 0.8829, raising scope for further downside.
The major has faded spike post New Zealand’s budget release, slips lower from session highs at 0.8850.
NZD on the defensive on dampening data for the New Zealand economy and markets are likely pushing out expectations of any rate hikes from RBNZ into 2019.
The pair trades with a bearish momentum, price has dipped into the monthly cloud.
Next major support on the downside lies at 0.8740 (nearly converged trendline and 88.6% Fib).
Violation there could see further downside. Next major bear target lies at 0.8655 (major trendline).
On the flipside, 5-DMA is immediate resistance, break above could see minor bullishness. Bearish invalidation only above 21-EMA at 0.8993.
Support levels - 0.8740 (nearly converged trendline and 88.6% Fib), 0.87, 0.8681 (Dec 4 low)
Resistance levels - 0.88, 0.8843 (5-DMA), 0.89, 0.8976 (61.8% Fib)
Good to go short on rallies around 0.88/0.8810, SL: 0.8850, TP: 0.8740/ 0.87/ 0.8660
NZD/CAD slips below 61.8% Fib, eyes 0.8655, stay shortNZD/CAD hits new 5-month lows as the kiwi slumps across the board on a dovish RBNZ.
The Kiwi hit by a dovish Reserve Bank of New Zealand (RBNZ) today. The central bank looks set to hold steady on rates for the foreseeable future.
RBNZ Governor Adrian Orr said that the central bank is dedicated to easy monetary policy "for an extended period of time".
NZD/CAD trades with a bearish momentum, we see scope for further weakness.
Technical indicators are biased lower. MACD is showing a bearish crossover on signal line.
Momentum studies are bearish. We see -ve DMI crossover on +ve DMI which adds to bearish bias.
The pair has slipped below 61.8% Fib, eyes major trendline support at 0.8655. Breach there will see further weakness.
On the flipside, we see major resistance at 200W SMA at 0.9110. Bearish invalidation only on break above.
Support levels - 0.8859 (2018 low), 0.8740 (Sept 2017 low), 0.8655 (trendline)
Resistance levels - 0.8880 (61.8% Fib), 0.8984 (5-DMA), 0.90
NZDCADPrice consolidating around the psychological level (0.90000) and golden ration Fib level (61.8%).
A break above the red trend line can move the price higher to the weekly level.
NZDCAD ShortPair broke the 0.92082 weekly support so riding the bearish trend with TP @1.90 and tight SL @0.91. With bearish NZD from stronger USD, and stronger CAD due to bullish sentiment on oil as well as from stronger USD, this pair will more likely slide down to 0.868 new support level by next month if it doesn't bounce back up soon this Friday or earlier next week.
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oilprice.com
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Daily:
Weekly:
Confidence: C(need to be careful not to get whipsawed on sudden reversal especially overall market sentiment for NZD in general is bullish and price arbitrage shows bullish potential as well)
NZD/CAD short setupTechnical Analysis: Bias Bearish
- Price action has broken below 200-DMA
- RSI shows strong bearish bias, below 30 levels
- -ve DMI dominance and ADX rising in support
- MACD well below zero levels
Support levels - 0.8976 (61.8% Fib), 0.8859 (Jan 5 low), 0.8829 (78.6% Fib)
Resistance levels - 0.9043 (5-DMA), 0.9058 (200-DMA), 0.9080 (50% Fib)
Good to go short on rallies around 0.9010/20, SL: 0.9070, TP: 0.8980/ 0.89/ 0.8860
NZD/CAD short setupNZD/CAD slips below 0.91 handle, hits 11-week lows at 0.9060, bias bearish.
The pair has broken below daily cloud and 100-DMA, and break below 200-DMA will accentuate weakness.
Price action has broken below 200W SMA at 0.9114, close below adds to bearish bias.
Technical indicators on weekly charts have turned bearish. RSI has slipped below 50 and Stochs are sharply lower.
Next major support below 200-DMA lies at 61.8% Fib at 0.8976.
On the flipside, rejection at 200-DMA could see minor upside. Bearish invalidation only above daily cloud.
Support levels - 0.9063 (200-DMA), 0.90, 0.8976 (61.8% Fib)
Resistance levels - 0.9063 (5-DMA), 0.9114 (200W SMA), 0.9183 (nearly converged 38.2% Fib & 100-DMA)
Watch out for break below 200-DMA for further weakness, target 0.90/ 0.8975. Place SL at 0.9135
