NZDCADANALYSIS
NZDCAD Technical Analysis D1+ SignalAs you can see in the graph above after each increase the price fell by an average of 1000 pips, At the moment we are about a drop of only 300 pips that means we have about 700 pips of price fall
Our signal: NZDCAD
Entry Price: 0.8932
Stop loss: 0.9150
Take Profit: 0.8300
NZDCAD (trendline hit, Possible trend reversal)Price hit .92628 which happens to be -
1) .68% FIB level from 2018 high to low,
2) Resistance level
3) Trendline.
2 scenarios can play out, the price moves higher than .92628, break of channel, 300+ pips OR drop back into the channel 300+ pips
The Trigger is on Dec 19th, Q4 NZD GDP numbers come out, prev NZD GDP was a huge surprise - Previous - 2.6%, Actual 2.8, forecast was for 2.5. Recall Australian GDP was a huge disappointment on DEC 4th with a print reading of .3 versus .6 expected.
On the Canadian side
- the unemployment dropped to 5.8 to 5.6 and 94k jobs created
- OIL prices, which looks like its stabilizing, if Oil moves higher, more confirmation of downward move.
- Canadian WTI-WSC spread rapidly decreasing from a high of 55 to 14.75, avg for the year is 35. (alberta cut production)
NZ-CA 10 year spread bottomed on 4th OCT - at .03 and moved higher since then to 40, still around the average.
To summarize -
IF NZD GDP is a big miss, heavy short, top is in place, downtrend begins.
IF NZD GDP takes a big leap, then look for breakout
IF NZD GDP is normal then as is follow PA.
NZD/CAD - ~200 Pips OpoprtunityA reversal from NZD/CAD is expected as it's finding support on top of ema's that acted as resitance up to now.
We can expect it to move back up and hit the 200 ema area *if the 20 ema on the 12 hour holds as support*.
Give it 8 more hours to confirm its strength to reverse.
NZDCAD - SHORT - 4 HOURTeacup on the 1 Hour.
Entry: 0.90666
SL: 0.90966 (30 PIPS)
TP 1: 0.90166 (50 PIPS)
Don't know if this will play accordingly due to the fact that my second bearish candle at the start of the cup didn't fall past the first one. Keeping a close eye on this one.
(I'm a student sharing my trade ideas. If anyone has input please share!)
*This is not a signal, nor am I giving financial advice. Trade at your own risk.*
NZDCAD : UNFORGETTABLEHi traders,
NZDCAD has been ranging between 2 big resistance/support lines. I was waiting for this opportunity to enter this one now that it is closing in on the top resistance line. This gives us good RR
Here is what I'm thinking :
NZDCAD SHORT
ENTRY : 0.91542
SL : 0.92229
TP : 0.88594
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.