NZDCAD - Trend Continuation
Good evening Traders,
We have an interesting Setup here: Please read fully.
NZDCAD Weekly
With the New-Zealand Dollar losing Momentum, we can expect the ZXY to be bearish in the next weeks. The Canadian Dollar has shown tremendous resilience since March 2020 and despite a rough last few days, the CXY is still very Bullish. A depreciating NZD versus an appreciating CAD should result in good swing trade opportunities with minimal risk exposure.
On a technical aspect, this parallel channel which has been valid since November 2016 is still pushing the overall trend down. In addition to the double rejection of a 61.8 FIB retracement level, the rejection of the 200 EMA, a solid key area and the rejection of the top of that parallel channel, I expect NZDCAD to continue its momentum and create a new bearish leg.
Do note that tomorrow, we have the Bank of Canada's Interest Rate decision and the result may translate into a volatile CAD. Trade carefully.
I will personally wait for the Interest rate as well as the consequent speech to enter.
Feel free to comment below or send me a message.
Richard
We have an interesting Setup here: Please read fully.
NZDCAD Weekly
With the New-Zealand Dollar losing Momentum, we can expect the ZXY to be bearish in the next weeks. The Canadian Dollar has shown tremendous resilience since March 2020 and despite a rough last few days, the CXY is still very Bullish. A depreciating NZD versus an appreciating CAD should result in good swing trade opportunities with minimal risk exposure.
On a technical aspect, this parallel channel which has been valid since November 2016 is still pushing the overall trend down. In addition to the double rejection of a 61.8 FIB retracement level, the rejection of the 200 EMA, a solid key area and the rejection of the top of that parallel channel, I expect NZDCAD to continue its momentum and create a new bearish leg.
Do note that tomorrow, we have the Bank of Canada's Interest Rate decision and the result may translate into a volatile CAD. Trade carefully.
I will personally wait for the Interest rate as well as the consequent speech to enter.
Feel free to comment below or send me a message.
Richard
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.