From the technical view:
1. From the Monthly and Weekly perspective, the price reached the major resistance area , so we can expect price will reject it and start to move to the downside.
2. From the Daily perspective, price created a W pattern, thus we can expect a move to the downside at least to the neckline of the W.
From the fundamental view:
1. Big players are quite bullish on the NZD and bearish on CAD
2. In the new report, they don't have any action in the NZD, which means no proper adding long and short at the moment, but from the CAD perspective more short added than the long, so if the this week new report will coming out and indicate more long added on CAD therefore we can expect NZDCAD move to the downside.
How to approach NZDCAD?
1.Going to the lower timeframe, and wait for market environment switch to the bearish market from the bullish market, after that you can be looking for potential short opportunity if your rules of the strategy are fulfilled and targeting the neckline of the W.
2. Just short at the moment is not a good idea, because the lower timeframe still indicating bullish market, HH and HL still forming, price can easily move to the upside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on NZDCAD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
1. From the Monthly and Weekly perspective, the price reached the major resistance area , so we can expect price will reject it and start to move to the downside.
2. From the Daily perspective, price created a W pattern, thus we can expect a move to the downside at least to the neckline of the W.
From the fundamental view:
1. Big players are quite bullish on the NZD and bearish on CAD
2. In the new report, they don't have any action in the NZD, which means no proper adding long and short at the moment, but from the CAD perspective more short added than the long, so if the this week new report will coming out and indicate more long added on CAD therefore we can expect NZDCAD move to the downside.
How to approach NZDCAD?
1.Going to the lower timeframe, and wait for market environment switch to the bearish market from the bullish market, after that you can be looking for potential short opportunity if your rules of the strategy are fulfilled and targeting the neckline of the W.
2. Just short at the moment is not a good idea, because the lower timeframe still indicating bullish market, HH and HL still forming, price can easily move to the upside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on NZDCAD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.