NZD/CAD short opportunity

تم تحديثه
Technical Analysis: Bias Bearish
- Price action has failed to extend break above 21-EMA
- Pair slips below 5-DMA, 5-DMA has turned south
- Major EMAs are downward sloping and price below daily cloud
- RSI below 50 and biased lower, MACD well below zero mark

Fundamental View:
- Markets will be watching out for New Zeakand August business confidence data due later this week.
- The Reserve Bank of New Zealand (RBNZ) has cited weak investment intentions as a reason for a more subdued outlook for the New Zealand economy.
- RBNZ Gov Orr, at the Jackson Hole, reiterated that the central bank intends to hold policy rates low for an extended period of time which is likely to keep a lid on the Kiwi dollar.

Support levels - 0.8641 (Nov 17, 2017 low), 0.8561 (Aug 15 low), 0.8555 (trendline)
Resistance levels - 0.8679 (5-DMA), 0.8716 (21-EMA), 0.8761 (Aug 22 high)

Good to go short on upticks, SL: 0.8720, TP: 0.86/ 0.8565/ 0.8555
ملاحظة
Pares losses from session lows at 0.8588. Bias lower.
CADChart PatternsTechnical IndicatorsNZDNZDCADnzdcadshortTrend Analysis

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