ricky1270
Short

NZDCAD Short Daily Trade Idea

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD Short idea is based off of the monthly supply zone .

There is strong bearish pressure coming from the monthly supply zones. Reason being is because of 2 supply zones close to each other otherwise known as "levels on levels".

We have seen 3 touches of the weekly trendline resistance and this touch that is going to happen wont be any different. Price should close lower this week and commence sell-off. However, should price continue to rally then the supply level above near 0.98 region will be challenge and if broken we will be in uncharted territories never before seen.

With that said,i see a drop from this current area happening soon. Last week, NZD tried dropping but failed in the process, this week should encourage a stronger drop because of monthly supply zones being in control now. On the daily, price is in a bullish flag and using the top trendline as resistance, more bearish pressure is seen from there.

We have seen 3 touches of the weekly trendline resistance and this touch that is going to happen wont be any different. Price should close lower this week and commence sell-off. However, should price continue to rally then the supply level above near 0.98 region will be challenge and if broken we will be in uncharted territories never before seen.

But that's just a fairytale. Let's see the close below and sell it.

Risking 50 pips to profit 350 pips. A nice R:R ratio.

The zone in orange is a high liquidity area which we see as "BASE" or "CONSOLIDATION" but in reality, this is where big players in the market are looking to execute many transactions and from that area, we should see price to continue to fall.

My guess is that price will stall at that area and once order are filled, NZDCAD will continue to sell or rally to test trendline resistance which would lead to a possible test of the last monthly level of 0.96 - 0.98

Swing trade idea will be posted below further to this daily trade.
Risking 100 pips to get 900 pips

Til we meet again beloved!
Trade active: Trade position opened.

Up 140 pips, put SL 20 pips in profit

Hold for TP.
Comment: Still holding this trade with SL in profit
Comment: Next week Monday should see additional bearish pressure for NZD so hold. This is a long term swing trade in any event.

Take care!
Comment: Finished off the week on a major high,

Up 200 pips currently, safe to hold this trade for long as we expected.

Enjoy the weekend!
Comment: Bearish pressure continued where it left off on Friday so much, that we are up 280 pips now, we want to hit TP and smash.

Continue to hold!
On the daily that level was tapped to many times
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ricky1270 theAlchemist4x
@theAlchemist4x, Oh yeah but check the fundamentals of all the global economies and you see they are all weak. This drop was inevitable.
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