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NZDCADSIGNAL

Elliot Wave: NZDCAD Bearish Continuation SetupSupport this analysis with your likes and comments! This is an update on the previous Daily setup shared a few weeks ago. NZDCAD reversed and broke the S&R zone and ascending trendline impulsively in wave i. According to Elliot Wave theory, impulse move is always followed by a three-wave correction. In NZDCAD's case, the short-term rally is currently taking the shape of a-b-c zigzag pattern in wave ii. Price is contained within a parallel channel and also retesting a significant supply zone. While the retracement can entends to a complex corrective structure, we can take a short entry from the current market level as long as the protective stop is placed at the major invalidation level which is the red line on the chart. Price has the potential to move downwards towards wave (a) low in wave iii of (c). The break of the green lines can be used as a conservative entry. The major invalidation level is the red line on the chart. What's your view on NZDCAD? Let me know in the comment. Thanks for reading! Veejahbee.
Short
by Veejahbee
NZDCAD EW Analysis: Short Trade SetupHi Traders, NZDCAD seems to have completed a 5-3 (impulse-correction) cycle. Prices decline in five-wave from the top in wave (a), followed by a three-wave corrective zigzag in wave (b). The pullback retraced almost 78.6% of the sell-off, and the price action becomes weaker as it approaches the top. According to Elliot Wave theory, once a 5-3 cycle is completed, the market resumes in the direction of the impulse which is bearish in the case. - Target below wave (a) low is plausible in the weeks ahead - The setup will be invalidated if the price trade above wave (a) high , red line on the chart. - Execution from the market price ideal as long as stop-loss is maintained above high. - The break of the green lines will further confirm the bears have indeed resumed. Best of luck on the chart. Regards, Veejahbee.
Short
by Veejahbee
6
NZDCAD - BEARISH BIASNZD - BEARISH 1️⃣ New Zealand extended its level three lockdown restrictions in Auckland until at least midnight on Sunday, reporting 7 fresh cases of the coronavirus as community transmission persists. 2️⃣ The volume of total retail sales in New Zealand declined a seasonally adjusted 14.6% in the second quarter of 2020, posting the largest drop in total volume sales since the series began in 1995. CAD - BULLISH 1️⃣ CAD lifted by a rise in oil prices after tropical storms Marco and Laura hit the Gulf of Mexico and amid optimism about coronavirus treatments. 2️⃣ US Dollar Index (DXY) is staying on the back foot as the greenback struggles to grab investors' attention as a safe-haven. ===== TECHNICAL ===== - We shorting NZDCAD on pivot point level + SMA100 area + SBR level on H1 chart. - NZDCAD in bearish zone. ===== RISK TO THIS TRADE ===== This trade will hit stop loss if oil prices going down and market sentiment turns to risk-off mode.
Short
by MonsunAsia