Here we are tracking a 5 wave sequence in the making for NZDCAD and AUDCAD. Commodity currencies are equally sensitive to global risk sentiment.
NZD coughed and struggled to take back 0.63x however with RBNZ Nov cuts overpriced and extended meaning gyrations in NZD x's are a lot easier to trade than CAD. The same flows are in play for AUD; looking for the 0.6725 support to hold with all eyes on the employment print.
For the flows, a break above 0.845x will increase confidence in bulls as short stops begin to cascade and unlock the ladder for the 5 waves. Expecting some further cleansing of NZD shorts this week.
Good luck all those in NZDCAD and AUDCAD, jump into the comments with your charts and ideas!
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A superb breakout here today
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0.866x First Targets hit for the 3rd wave, a well done to all those who have been working the buy side !!
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We are crumbs away from completing the swing...tracking a final push for year-end.
Jump into the comments with your charts and ideas!
UnknownUnicorn3418136
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ridethepig
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Thanks for sharing your chart... a nice clean use of fibs and waves @onurkurtuldu ...On the Fundamentals, markets are positioned heavily short on NZD and despite the RBNZ cuts I think NZD is oversold.