IvanLabrie
Short

NZDCAD: Triple top and potential 12 month decline ahead

FX_IDC:NZDCAD   NEW ZEALAND DOLLAR / CANADIAN DOLLAR
This chart is significantly interesting for a variety of reasons.
On a technical and fundamental basis I think we can expect NZDCAD             to sell off in the intermediate to long term, and right here we have the perfect excuse to join in on this action as a position trade.
The entry is a discretionary entry, below the previous monthly close, in case next month, we stay under the monthly mode at 0.92063, which would confirm the 12 month decline and the target on chart.

Good luck if taking this trade.
Cheers,

Ivan Labrie.
Comment: En route, we have to be patient with this one.
Comment: Possible to reenter or add to it.
Comment: If march closes below the stop this downtrend is confirmed.
Trade closed manually: Might be wise to close the short partially if you're in and move stop loss to entry.
Trade closed manually: You can close and flip long to catch a retrace. Stops below 0.855
Comment: cover*
Interesting. I don't think it will bounce tho.
+1 Reply
What do you mean with bounce?
Reply
Jakovskii IvanLabrie
It will go down to the bottom straight this time.
+1 Reply
Ah, yes, that's my view.
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Nice to see that you too have a bearish forecast on this one. I am involved in a short with 2 standard lots beginning from the moment price action bounced down from the down trendline and I am still holding those positions. Good luck, if you took it as well! :)
Reply
IvanLabrie PRO Koryphaeen
I didn't, but taking it here. Hang in there!!!
Cheers.
+1 Reply
Nice one
Here u have mi daily chart and idea .
snapshot
Reply
What's you target on the long side?
Reply
snapshot
Reply
Thanks Ivan
Reply
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