MarlyForex
Short

NZDCAD -- Short Setup [ D ] ORDER FOR NEXT WEEK!!

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
8 months ago
Display: FX:NZDCAD            

Description: As shown above we have FX:NZDCAD             . Currently this pair is
ranging between 0.89500 – 0.87500, Going back to 4th March Price was still bearish but rallied up to 0.91100 which was a 0.786
retracement of the previous swing high. Followed by two larger sized Doji's and failure of closing, close to or above Monthly
Resistance (0.91100) indicating bears had the overall power, resulting in a trend continuation.

On the Daily we have a Spinning Top, This seems to be a result of price ranging but failing to close beyond Weekly Resistance.
I am wary price could follow through to retest Weekly Resistance on a break of the Black TL.However i expect price will not close
above the 20 EMA or Weekly Resistance, For these reason i will look to short the pair.


Using these indicator/s: We can see the 200 crossing above price, The 10 acting as a pivot point
and the 20 overall smoothing out the price action and holding price down magnetically. Also shown
on the RSI price is currently in bearish territory, showing the overall momentum is likely to be bearish .


Duration: Short Term

Decision: I will short this pair because all factors coincide with the current trend.
We have 0.89200 holding firmly as resistance Creating a good
Demonstration of a Bearish setup. If price breaks black TL I will post an update.

Trade Setup:
Entry: 0.88300
TP 1: 0.87500
TP 2: 0.86600
SL: 0.89000 - 0.89200

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading


Useful Information:

TREND: Bearish

INDICATORS Moving average Relative Strength Index

ATTACHED CHART : NO
8 months ago
Comment: Still awaiting SHORT
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