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Snehath
May 19, 2016 11:58 AM

0.8870 is the level to watch for NZDCAD Short

New Zealand Dollar/Canadian DollarFXCM

Description

The CAD has been weakening quite a bit. I like the level seen here for NZDCAD as it is 2 weekly highs next to each other. The crab pattern helps as well.

Similar pattern in the USDCAD as well, but I rather choose this due to structure.

Comment

This pattern is no longer valid but there is a bearish butterfly at 0.889 level. Just shy of the 0.89 level.

Comment

Still moving upwards and there is no weakening in RSI and HSI. Still on the watch list.
Comments
marcus1983
At what price will you enter and stop loss?
Snehath
I need to see what the reaction is at 0.8870. Likely a 30-40 pip SL, but too early to call now.
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