FX:NZDCAD   New Zealand Dollar/Canadian Dollar
286 7 16
PRICE BROKE BELOW SUPPORT LINE RECENTLY AND WAS RETESTED YESTERDAY. SUPPORT TURNED RESISTANCE HELD ITS SIGNIFICANCE. PIN BAR REJECTION OFF 0.9000.

WILL IT CONTINUE TO BE A SIGNIFICANT RESISTANT AREA?

THUMBS UP IF YOU FIND THIS IDEA INTERESTING. APPRECIATE IT. THANKS.

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PriceActionTrading
NZDCAD
PriceActionTrading about NZDCAD 7 2 years ago
I WANT TO SELL THIS. BUT I HAVE A SELL AUDNZD.
ISNT IT KIND OF CONFLICTING? WHICH WILL WORK? WE SHALL SEE.
Reply
Casey_Yeo
2 years ago
So you are in for this?
Reply
PriceActionTrading Casey_Yeo
2 years ago
Well most NZD seems to be turning downwards. But i do not want to exit my AUDNZD. So im afraid i will let this go and put my faith in AUDNZD.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
No faith involved.
Look at correlations, AUDNZD is extremely overbought and all NZD* pairs have been extremely oversold.
Gold's heading up some but oil isn't, or would be very strange if it does...the BoC has been extremely dovish every time they've discussed monetary policy. RBNZ also started turning dovish recently.
I think there are safer pairs to trade. (like usdchf, usdcad, eurusd, gbpchf, gbpnzd, eurnzd)
+1 Reply
PriceActionTrading IvanLabrie
2 years ago
AUDNZD and NZDCAD seems to have an inverse relationship. So yea. Kind of conflicting if i were to sell both.
So i will be looking for buy signals across NZD. You are right Ivan. Thanks.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
I like monitoring audnzd to determine which is strongest, same with eurgbp and eurchf, and gbpchf.
Useful to trade other pairs.
As for gold and crude, we're in a strange situation with gold going up and crude falling.
Reply
PriceActionTrading IvanLabrie
2 years ago
Me too. regarding monitoring.
Cant comment on crude and oil i do not trade those :)
Reply
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