Hi traders, just posting a quick analysis whilst I am passing through.
Here we have NZD/CAD on the 2H chart.
Price recently had a strong up move, stalling at a historical resistance zone. From here there has been multiple reversal candles at the zone and I am now expecting a down move to begin to the downside.
I am expecting a correction to either the horizontal support zone at 0.8810, or the sideways channel support at 0.8790 level, before there is any other up move.
This correction is definitely worth a trade as the correction is likely to be steep and the Risk to Reward is very easy find. In all trading scenarios I tested for this pair trade, I got at least 1:2.5 Risk To Reward.
Bare in mind that price might have a minor retest to the above resistance zone at 0.8905 before the down move begins.
I will be updating this analysis as it progresses.
Here we have NZD/CAD on the 2H chart.
Price recently had a strong up move, stalling at a historical resistance zone. From here there has been multiple reversal candles at the zone and I am now expecting a down move to begin to the downside.
I am expecting a correction to either the horizontal support zone at 0.8810, or the sideways channel support at 0.8790 level, before there is any other up move.
This correction is definitely worth a trade as the correction is likely to be steep and the Risk to Reward is very easy find. In all trading scenarios I tested for this pair trade, I got at least 1:2.5 Risk To Reward.
Bare in mind that price might have a minor retest to the above resistance zone at 0.8905 before the down move begins.
I will be updating this analysis as it progresses.
Note
Price has had a little pop to the upside since posting. I am expecting this pop to end within the resistance zone.If price goes any higher than 0.8950 then I will consider this trade null and void and will remove this trade from my current watch list.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.