๐๐ช "NZDCAD Analysis: Seller Weakening and Buyer Presence" ๐๐
๐น Let's kick off the new week by updating our analysis on this currency pair and reviewing our new entry points.
NZDCAD
๐ Weekly Time Frame:
On the weekly time frame, this pair, like most others, is oscillating within long-term boxes without any specific trend other than ranging.
๐ Daily Time Frame:
On the daily time frame, however, we are grappling with resistance levels. After starting an upward trend from the 0.80998 support, we've moved towards the 0.83785 resistance, clearly showing the strength and presence of buyers. After breaking this resistance, we can aim for the next levels.
โณ Currently, in the daily time frame, we are very close to the overbought RSI zone. If today's daily candle closes above the 0.83785 resistance and RSI closes above the 70 overbought zone, we can expect a move tomorrow.
๐ Review of Previous Analysis:
Before moving to a lower time frame, let's review our previous analysis. We mentioned that after breaking the 0.81502 support line, we could open a short position and expect it to reach the important daily support at 0.80975, which indeed happened. Note that I'm not a fortune teller; I just trade in the direction of the trend, plan my scenarios, and am not fixated on one single scenario.
โฐ Four-Hour Time Frame:
On the four-hour time frame, we made a suitable upward move towards 0.83785, breaking this resistance in the previous candle during the London session. We can expect the trend to continue if it stabilizes above this area with a confirming candle or if the RSI enters the overbought zone.
๐ For a long position, we can open it with this space, setting our stop loss at the previous 4-hour low, which is 0.83545.
๐ For a short position, we currently don't have a trigger as the trend in this time frame is upward. However, we can consider scenarios like faking this resistance. If we fake this key resistance in this or the next candle with an engulfing candle, we can go to the one-hour time frame and, upon breaking the first supportive trigger, open our short position. Alternatively, we can be patient; it doesn't matter if we miss it sharply as we would need a break of the 0.83132 support to proceed.
๐ Final Recommendations:
Since today is the first day of the week, I recommend waiting for the trend and the US session, and reducing your risks. Also, I hope you have a profitable week ahead :))
๐ข Support and Resistance Levels:
Support Levels: 0.83132, 0.82498, 0.82098
Resistance Levels: 0.84569, 0.85310, 0.86216
๐ If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
โ ๏ธ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
NZDCAD
๐ Weekly Time Frame:
On the weekly time frame, this pair, like most others, is oscillating within long-term boxes without any specific trend other than ranging.
๐ Daily Time Frame:
On the daily time frame, however, we are grappling with resistance levels. After starting an upward trend from the 0.80998 support, we've moved towards the 0.83785 resistance, clearly showing the strength and presence of buyers. After breaking this resistance, we can aim for the next levels.
โณ Currently, in the daily time frame, we are very close to the overbought RSI zone. If today's daily candle closes above the 0.83785 resistance and RSI closes above the 70 overbought zone, we can expect a move tomorrow.
๐ Review of Previous Analysis:
Before moving to a lower time frame, let's review our previous analysis. We mentioned that after breaking the 0.81502 support line, we could open a short position and expect it to reach the important daily support at 0.80975, which indeed happened. Note that I'm not a fortune teller; I just trade in the direction of the trend, plan my scenarios, and am not fixated on one single scenario.
โฐ Four-Hour Time Frame:
On the four-hour time frame, we made a suitable upward move towards 0.83785, breaking this resistance in the previous candle during the London session. We can expect the trend to continue if it stabilizes above this area with a confirming candle or if the RSI enters the overbought zone.
๐ For a long position, we can open it with this space, setting our stop loss at the previous 4-hour low, which is 0.83545.
๐ For a short position, we currently don't have a trigger as the trend in this time frame is upward. However, we can consider scenarios like faking this resistance. If we fake this key resistance in this or the next candle with an engulfing candle, we can go to the one-hour time frame and, upon breaking the first supportive trigger, open our short position. Alternatively, we can be patient; it doesn't matter if we miss it sharply as we would need a break of the 0.83132 support to proceed.
๐ Final Recommendations:
Since today is the first day of the week, I recommend waiting for the trend and the US session, and reducing your risks. Also, I hope you have a profitable week ahead :))
๐ข Support and Resistance Levels:
Support Levels: 0.83132, 0.82498, 0.82098
Resistance Levels: 0.84569, 0.85310, 0.86216
๐ If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
โ ๏ธ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
