NZDCAD appraoching resistance, potential drop! | 21 April 2020Price is approaching resistance where we could be seeing a reversal below this level. Our first resistance level is in line with our 78.6% fibonacci retracement and 78.6% fiboanacci extension. We will be posting the written version as well so do keep a lookout for that! Please also tell us what you would like to see next.
Nzdcadshort
NZDCAD approaching resistance, look out for potential reversal!
NZDCAD is approaching its resistance at 0.85820 where it is could reverse down to its support at 0.82797.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Short NZDCAD Move For Short-term/Intraday Trading SetupA short term downward move can be expected in NZDCAD, especially after the big rally because of falling crude oil prices (CAD is heavily reliant on crude oil prices). I feel that some government intervention will happen to cool off such dropping prices, leading to crude oil prices increasing a bit in the short term, thus giving some strength to CAD, which will cause NZDCAD to fall (expected target is 0.85100).
NZDCAD--Weekly Market Outlook from 06 to 10 April 2020
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NZDCAD potential bounce!
NZDCAD expected to reverse up to 1st support at 0.85981 where it could potentially react and bounce to its resistance at 1st resistance at 0.83459.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Historical data favors Short NZDCAD(Prediction 52) (Currently at -285pips)
Based on historical data, NZDCAD will not go above 0.8570 within the next 16 hours
Entry price: 0.8500
Take profit: 0.8430
Stop loss: 0.8570
(This applies to timezone UTC+8 16 Mar 2020 11pm to 17 Mar 2020 3pm )
(Enter at your own risk, 1:1, you either get up to 70pips or lose up to 70pips)
NZDCAD. The fall of the currency will continue.Hello!
The price of the New Zealand currency will fall to the level of support after passing through 2 targets.
Price started to fall when the whole market crashed. This trend continues.
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This idea does not provide the financial advice.