asferruzzi
Short

NZDCAD reversal trade idea

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
As mentioned on previous posts, New Zealand inflation is forecast to almost double over the next 12 months putting downward pressure on the New Zealand dollar .

Most of the other major New Zealand currency pairs are weak, adding probability towards a downward move on this pair.

RSI has made a bearish divergence recently, indicating that the New Zealand dollar is weakening.

Both fundamentals and technicals agree that this pair is weakening. I am bearish on this pair.

Wait for a pullback to a fib level before entering short.

Exit when the downtrend appears to be weakening.

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