A pin bar shows rejection from weekly level. An upside push is expected this week. MACD is also diverging.
Since last month's candle was a bull candle, I am looking for bull moves on the daily time frame such as this one. Price broke through the moving average. This suggests a possible move even higher. My pending orders sit at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6, 0.0. Each order has a stop loss of 30 pips. Risk is less than 2% per...
Kiwi continues to remain under pressure, is likely to extend weakness in the wake of the electoral results. NZD/CAD has been in a long term bear trend and recovery attempts were rejected at 50-DMA. Technical studies are bearish, we see scope for further downside. 0.87 offers strong support for the pair. It is convergence of two major trendlines. Break below to...
Above you can see a very only-shaped butterfly ; price isn't exactly flowing from each co-ordinate to the next but the ratios fit the bill, so it's a butterfly . The reason I am at least considering taking this trade is the level of support- you can see in the update below that price is at a key level of weekly support/resistance . Furthermore, the daily trend...
Price rejected from area of interest and still inside daily downtrend. Seems like bullish correction is finished. Below 0.8872 possible retest of 0.8761 / 0.8700 (weekly support & resistance) is expected.
The New Zealand Dollar is trading in two opposing channels against its Canadian counterpart. The senior pattern was formed mid-September when the Kiwi started to create distinctive waves up and down. Its last moment upwards was likewise stranded between two channel lines. The rate peaked at 0.9020 and was subsequently dominated by bears. The rate continued to...
Last week NzdCad broke down below key support at 0.90035 and pulled back to re-test this area twice as resistance. As long as price stays below the 0.90035 area of resistance this pair provides a great opportunity for Bears to look for shorting opportunities down towards the targets of 0.88601 and 0.87754 respectively.
The New Zealand Dollar has formed a medium-term symmetrical triangle against its Canadian counterpart. The rate is gradually diminishing its trading range and might be near a breakout point. Meanwhile, the last two waves have formed a descending channel. As apparent on the chart, the latest depreciation of the Kiwi is being slightly hindered by a strong support...
PRO TIP! Hi boys! There are some pairs that just follow trends and this is one of them. Keep following the trend. Elliots within elliots. HHs and HLs are developing. Don't trade when its in consolidation and around fundamentals. Use Fibonacci to know when to TP. Never go against the trend and always put a tight stop loss just below the previous low. If your...
Indecision Candle Forming as the month comes to an end, see previous linked chart
NZD has been weak since the stalemate election. I looked at this pair yesterday and thought I wanted to go short it given CAD is a strong currency and generally there are few major news for it this week (BOC Governor Poloz's speech tomorrow and the GDP on Friday). NZD in my opinion can remain surpressed as the NZ politician scramble to form a coalition...
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NZD/CAD has held major trendline support at 0.8740 in last week's trade. The pair has edged higher to break 20-DMA resistance at 0.8922, bias higher. Technical indicators support upside in the pair. RSI and stochs are biased higher and MACD is showing a bullish crossover on signal line. Close above 20-DMA raises scope for upside, next major resistance seen at...
The New Zealand Dollar has been trading in a four-week descending channel against its Canadian counterpart. After reaching the lower channel boundary circa 0.8751 (one-year low), the pair entered a minor consolidation period. Subsequently, it failed to form a wave down right away, but remained near the upper channel boundary—a signal indicating that bulls might...
Hey guys, EMA50 acting as resistance in a downtrend. Prices should retest the support as highlighted. Entered the trade at 0.88356 Cheers Jesse
Similar to USDCAD, riding its bearish trend especially with the political uncertainty in the upcoming election in New Zealand and strong bullish sentiment on CAD right after BOC's rate hike. Must monitor closely especially right before NZ's election next week (9/23). Setting up a sell stop order with TP near 0.85 (prior period's S3 pivot line) and SL between S1...