Short NZDCAD for the week of 11/04/22
The recent bullish move met with some solid resistance in the 0.8760 region and formed support at 0.8625. Price was stuck in this range for about 3 weeks, but has now broken convincingly below it (on Fri). Most of the price action is below the 200dma and I believe that the bearish trend is ready to resume.
A pullback to 0.8625 would be ideal as it gives us the possibility to have a reasonable stop loss while targeting the next support in the 0.8340 area. We have a 2.6R – 3R trade possibility that is line with the major trend.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
A pullback to 0.8625 would be ideal as it gives us the possibility to have a reasonable stop loss while targeting the next support in the 0.8340 area. We have a 2.6R – 3R trade possibility that is line with the major trend.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Trade active
Good trade, still open, about halfway to target.
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.