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Oct 21, 2019 12:29 AM

NZDCAD Daily 10/20/19 Short

New Zealand Dollar/Canadian DollarFXCM

Description

NZDCAD short Idea

On higher time-frames we have seen that this pair has been very bearish and as always we trade with the trend

Current price action has yet to form higher time frame structure, so we will look for price to reach our daily 38.2% fib level around 0.8500 or even the 61.8% around 0.86500

Ideally a swift push to the 38.2% fib level and weekly resistance followed by an engulfing candle or bearish variance would be perfect!

We will look to target toward the monthly support around 0.82500 and a second target at the -27.2% daily fib level around 0.80250
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