I am net bear bias with NZD and looking for opportunities to short this pair after inauguration day.
Too early to call as PA hung on recent support resistance and break above that will mark so long scalping before shorting. Despite there being fundamental scenarios that will support this idea - too much uncertainty and not enough liquidity over festival season to warrant any entries.
So wait and see if PA retest bottom channel around EMA barriers.
Until then - sit back, relax and take a breathing and recharge for 2017.
Happy holidays
Trade active
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Shifted SL to entry - risk is swap rate only. May adjust target to 0.9100
Comment
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Semi mindful of a right shoulder forming for potential S&H pattern... waiting
Comments
Trader_Dale
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Thanks for your great analysis!
Here is my view on NZD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action are three very strong resist/support zones. All of them were created with heavy volumes of big players - you can see it on the Cummulative Volume on the right side. The closest level: 0.94426 is placed on the biggest volume of the year (Point Of Control). The biggest volumes of the year were placed there and moved the price agressively lower. This is definitely the place I would like to go short!
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
Here is my view on NZD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action are three very strong resist/support zones. All of them were created with heavy volumes of big players - you can see it on the Cummulative Volume on the right side. The closest level: 0.94426 is placed on the biggest volume of the year (Point Of Control). The biggest volumes of the year were placed there and moved the price agressively lower. This is definitely the place I would like to go short!
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale