Technician
Short

NZDCAD: Looking for a short next week

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
6113 29 204
4 months ago
Unlike most of my trades, this trade is mainly based on fundamental analysis . I am looking for a final confirmation to short next week as we approach the RBNZ decision, where i expect an interest rate cut and more dovish signals from the bank. Meantime, I expect crude oil             to correct higher in the short coming period, and that may support the canadian dollar             . I will wait for a small bounce higher before shorting.

All my ideas are just my personal view. Trade Your own view.

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Technician
4 months ago
Comment: We might get a confirmation for the short today, but still waiting.
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Related Ideas

xiiimik
4 months ago
About rate cut of RNBZ, why not short NZDUSD, or other NZD pair? I guess your choice is dictated by confirmation of rising oil price.
Reply
fxfxfx xiiimik
4 months ago
This pair could give more pips than the others. RNBZ rate cut pulling NZD in one direction while higher oil prices pulling the CAD in the opposite direction = higher profit margin.
+5 Reply
Technician TOP fxfxfx
4 months ago
Agree, If oil rises, cad could be supported. At the end, it is a speculation game.
+3 Reply
fxfxfx Technician
4 months ago
I see a rise in the short term but I am not so sure about the long term. Let's hope for a more expensive oil this week, high enough to close this trade and to open a new chapter in your trading life where fundamental analysis leads your path ;)
Reply
Technician TOP xiiimik
4 months ago
hello xiimik, as you can see the rally in oil supported the canadian dollar and actually it is up against the dollar in the past few days. Meantime, NZDUSD is under pressure following the RBNZ. And that resulted in the scenario i speculated on.
+1 Reply
Hiisham
4 months ago
Mrs, Loaay that's look a good one to risk with ;)
Reply
EJ200
4 months ago
i've already short NZD/CAD on Friday, a little bit early I guess, if it move higher early this week as you preject, i will add short position. and I also short the pair based on fundamental perspectives. good luck
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Technician TOP EJ200
4 months ago
Best of luck
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bunah2
4 months ago
Thanks for sharing. I have the same set up, looking to short at 0.9475 (supply zone).
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ThomB74 PRO
4 months ago
I started shorting on Thursday and again Friday. We could expect to see it test the 0.95000 level before starting the real bearish move. In that case I will be adding another short to it :)

Thanks for sharing!
Reply
mskv21 PRO
4 months ago
There is a very good chance it will go all the way up to the weekly resistance line I don't see on your chart, but that is close to the previous 4 hour tops on your chart, before either bouncing back or B/O. I would wait for the evidence of either before risking money. Good luck.
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Technician TOP mskv21
4 months ago
I think i said i am waiting for confirmation.
Reply
newwarez2
4 months ago
You are awesome thanks .
Any setup? Shall we short or wait for a confirmation?
Reply
salarfeen newwarez2
4 months ago
He clearly said twice he is waiting for confirmation.
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-Andrew- PRO
4 months ago
Agree with your idea
Reply
quezara16
4 months ago
great work
Reply
AlexSchram
4 months ago
Thank you for the analysis. I am new to forex trading and doing my best to learn. This helps and makes sense. Thank you!
Reply
edmunch
4 months ago
Great post.
Don't you consider any FIB retracement after breaking the 240 trend line?
Reply
KhunHunSein
4 months ago
may i know ur entry point ?
Reply
USDtrader475
4 months ago
snapshot
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purpurato59 PRO
4 months ago
I was analyzing wether to enter a trade in this pair and found this on the weekly, I always like to check higher time intervals first. It's a rough idea, but worth to look. There might be a huge short but it seems early now.
snapshot
Reply
BrunoSalles
4 months ago
Good time do short after nzd news?
Reply
Technician TOP BrunoSalles
4 months ago
I wouldnt not rush it. I still prefer to wait a bit more and see how today things settle after the facts.
+3 Reply
Casey_Yeo
4 months ago
What do you want to see before shorting?
Reply
Technician TOP Casey_Yeo
4 months ago
I want to see how the price behaves today, where it settles.
Reply
Casey_Yeo Technician
4 months ago
something like lower high or double top or whatever patterns?
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Technician TOP Casey_Yeo
4 months ago
i was hoping to see a shorter term pin bar , but the fall was quick.
Reply
Ranothil
4 months ago
Are you in yet? I'm waiting on NU's reaction to the strong resistance as well.
Reply
DebeerF
3 months ago
@Technician looks like the short might be around the corner. It is heading to Resistance again. What do you think?
Reply
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