NZDCADANALYSIS
NZDCAD - BULLISH BIASNZD - BULLISH
1️⃣ NZD benefitted from risk-on tone boosted after House Speaker Nancy Pelosi set a Tuesday deadline for the White House to agree on further fiscal stimulus.
2️⃣ Westpac’s economists say the RBNZ will need to take further action due to a low inflation outlook, after a recent house price surge sparked fears that the central bank could over-inflate asset prices with more rate cuts.
3️⃣ The BusinessNZ Performance of Services Index for October read at 55.4, adding 0.9 points from the previous month.
CAD - BEARISH
1️⃣ Crude oil prices declined amid mounting concerns over fuel demand recovery as the number of coronavirus infections continue to rise and several countries including the UK and Italy imposed fresh restrictions.
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TECHNICAL
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- We're looking to long NZDCAD on RBS level + 50% fibo retracement on H1 chart.
- NZDCAD in bullish zone.
NZDCADPrice brokeout above the downtrend resistance and is currently printing a rising WEDGE + RSI bearish divergence signal. Breakout below wedge support could lead to retest of downtrend resistance + key fibonacci retracement levels ⬇️.
NZDCADBounce off pennant support + Breakout above downtrend resistance + RSI bullish divergence signal ↗️
📢NZD/CAD Long setup😎👍👌Looking at going long, I will wait for this candle to close for more confirmation. Looking good so far. If you like the Analysis feel free to drop a like and leave comment and follow, we are grateful for all the love out there and we will share the love back 🤍
NZDCAD, price testing the demand zone!currently, we are seeing price testing the demand zone, we need to wait for the price to react and bounce off from the demand zone before placing any buy order. wait until price formed a rejection pattern on a lower timeframe - do your own research! ;)
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do, please write it in the comment so we can manage the trade together.
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GWBFX
NZDCAD Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 20 Oct
M > Market is moving in a downward channel, price dropped from resistance level of the channel completing the W formation.
W > Price dropped to test monthly support, faced rejection and moved up to test weekly resistance again. Price also had support of rising trend-line.
D > We saw formation of H & S pattern, hence expected bearish movement. Price dropped out of support trend-line but moved back in to pause at daily demand zone. As expected price broke out of demand zone. We expect price to continue with drop till weekly support.
As per COT NZD saw addition of both Long and Short further increasing net positions, confirming further improved strength of ZXY for the said week. ZXY has been gaining strength slowly since June 2020. ZXY however weakened last week. CAD saw addition of major Long and closure of Short positions with Short positions further reducing to least for current year, improving net positions (still in -ve). CXY further gained strength during the said week but weakened a bit last week.
4H > Price created a new H & S pattern on 4H time frame and with good momentum continuing to drop towards our target.
Pair Correlation > NZDCAD has positive correlation with AUDCAD, AUDUSD and NZDUSD and negative correlation with GBPNZD and GBPAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
NZDCAD LONG in the short termNZDCAD is position at price @ 0.8781 for a bull run . This is a short term analysis.
Overall, we should expect a pullback of price around @ 0.8789 and 0.8797 and if the price closes below @ 0.8797 then our move will be short to the downside with target price @ 0.8671 and @ 0.8663
I am bullish until the price reaches @ 0.8789
Good Luck Traders.
NZDCAD head and shoulder pattern Nzdcad preints an head and shoulder pattern, curently there has been a breakout of the neckline and a retest,
We expect a fall in the currency pair up to 0.85700 region
Goodluck
📢NZD/CAD SHORT OPPORTUNITY TO LOOK OUT FORI posted this chart earlier this week. This pair just needs to complete a couple more moves so we can go short and take a nice R/R 😎
NZDCAD LONG- Closed above a key level (indicating a good level of support).
- Recently created a HIGHER LOW.
- Dragonfly & Bullish Engulfing formed over the last few days.
- 20 EMA just below price.
(High impact AUD news tomorrow may have close correlation with NZD price action)
NZDCAD shortThe third touch on the trendline could be rejected for push downtrend. Although, it should be noted that the pair has made new higher highs so careful monitoring of this pair is important.
Potential entry @ 0.87684
SL: 0.87931
TP1: 0.86834
TP2: 0.85692
📢NZD/CAD H&S SETUP SHORT This might be a while off, but it looks like a good setup for the watch list 👀👀👍
NZDCAD - BEARISH BIASNZD - BEARISH
1️⃣ Investors continue to expect negative interest rates following dovish statements last week from RBNZ.
2️⃣ Fresh news showing Sino-American and Aussie-China jitters join virus woes and vaccine hopes to confuse traders.
CAD - BULLISH
1️⃣ Crude oil futures rose more than 2% to trade above $40 a barrel on Tuesday, after latest data showed China, the world’s top crude oil importer, took in 11.8 million bpd of oil in September, up 5.5% from August and up 17.5% from September last year.
2️⃣ Governor Macklem added that the BoC is not actively discussing negative interest rates but they are a tool the bank could use in case it needs to do more to tackle economic challenges caused by the pandemic.
3️⃣ CAD gathers strength on impressive Canadian jobs report. Unemployment Rate in Canada declined to 9% in September.
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TECHNICAL
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- We would like to short NZDCAD on SBR level + 61.8% fibo retracement on H1 chart.
- NZDCAD still in bearish zone.
NZDCAD Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 40 - 30 Sept
M > Market is moving in a downward channel and price has dropped from resistance level of the channel completing the W formation.
W > Price dropped to test monthly support, faced rejection and moved to test weekly resistance. Price also has support of upward trendline.
D > We expected rejection at weekly resistance to get H & S pattern.
As per COT NZD saw closure of both Long and Short increasing net positions whereas Commercials saw closure of Short positions, whereas ZXY was strong for the said week. ZXY fell sharply last week. CAD saw closure of both Long and Short further reducing net positions (which is in -ve since March 2020), N-R saw major closure of Long and few Short and Commercials saw closure of both Long and majorly Short, confirming weakness for the said week. CXY was more weaker last week, however market should reverse bringing CXY to +ve net position. CXY is now testing support level.
4H > Price is now moving down and currently testing demand zone, we expect drop till support trendline.
Pair Correlation > NZDCAD has positive correlation with NZDCHF and negative correlation with EURNZD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
NZDCAD Short Trade PlanHey traders, here is the analysis for the NZDCAD. NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
