FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Price seems to be following this dark red Schiff down fork . The NZD has been very weak of late, while the CAD - contrary to what was observed not so long ago, but in March this year - has been very strong. It may continue down to the level of 0.91 or even lower. Is 0.90 going to be tested? I don't know, but if this trend accelerates, it's possible as well.
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
scalony
2 years ago
It is trending down, so eventually it may get to above mentioned target, but in my opinion it is not the best time to enter this trade. Right now we are at the bottom of downsloping regression channel and bullish divergence shows on a CCI. See attached chart:

snapshot
+1 Reply
ForceFollower scalony
2 years ago
Thanks for the comment. You are probably right that it would be best to wait higher for a better price to enter short.
Reply
ForceFollower
2 years ago
When you're bullish and stalking to go short, I like to watch the market from the opposite vantage view and wait for the signs of bears' weakness,
snapshot

snapshot
Reply
ForceFollower
2 years ago
And the same approach (i.e., bearish vantage point) on an hourly chart. Observing a weaker performance on an up fork.
snapshot

snapshot
Reply
ForceFollower
2 years ago
The market is taking its time.
snapshot

snapshot
Reply
ForceFollower
2 years ago
Price is slowly approaching a decision area. I expect it to bounce off (or make a fakeout) of some of the red parallels and continue lower. If failed though, we'll have to deal with a breakout and a subsequent rally to the upper median parallel of the black fork and the level of 0.93, where the previous highs are.
snapshot

snapshot
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out