BluetonaFX - NZDCAD Trendline Break SHORT IdeaHi Traders!
NZDCAD is on the trendline support, and there is an opportunity for short entries leading to a possible support break.
Price Action 📊
Market swings filled with lower highs and lower lows consistently for the past eight weeks. The market has also failed to close above the 20 EMA for the past three weeks, showing a current lack of bulls in the market.
We are looking for a momentum break and a close below the support trendline.
Fundamental Analysis 📰
New Zealand recently announced worse PMI figures, leading to fears of a worse-than-expected GDP figure tomorrow.
Support 📉
0.79725: SUPPORT TRENDLINE
Resistance 📈
0.80261: 20 EMA
0.80851: RESISTANCE TRENDLINE
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital
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Trade safely and responsibly.
BluetonaFX
