Good evening all,
As we begin the trading week I wanted to share my analysis on NZDCAD.
I am looking to short this currency pair for few reasons:
1. Price has approached the Daily resistance line and showed some form of rejection
2. Price has moved away quite quickly so I am expecting a re-test of the previous consolidation before making any other moves.
3. The daily Resistance is quite a strong one.
I will be quite conservative here and only enter if: there is a break to the downside and enter on re-test or I see some consolidation forming.
There is a possibility of this currency making another move up and having a false breakout to the upside.
I use always 1.5 to 2 ATR depending on the timeframe traded.
Please always carry out your own analysis and be sure of using proper risk management. This is for educational purposes only and not financial advice
As we begin the trading week I wanted to share my analysis on NZDCAD.
I am looking to short this currency pair for few reasons:
1. Price has approached the Daily resistance line and showed some form of rejection
2. Price has moved away quite quickly so I am expecting a re-test of the previous consolidation before making any other moves.
3. The daily Resistance is quite a strong one.
I will be quite conservative here and only enter if: there is a break to the downside and enter on re-test or I see some consolidation forming.
There is a possibility of this currency making another move up and having a false breakout to the upside.
I use always 1.5 to 2 ATR depending on the timeframe traded.
Please always carry out your own analysis and be sure of using proper risk management. This is for educational purposes only and not financial advice