Looks like market established firmly near the resistance line. Such consolidation near the resistance usually suggest about continuation of the previous move. If price will manage to break out - next target is 0.7900. Closing below 0.7150 would be relief for bears. I have sold NZDCAD according to my plan, but such NZDUSD strength does not give an confidence on short NZDCAD position:
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Price has been rejected by the resistance. It can be deeper pull back. NZDCAD position has been closed with loss on stops, but certainly any pull back on NZDCAD is good for me to enter short again.
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Jamal92
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NZD has been winning across the board with the G10 and I feel that the price for NZD has now been priced in. I like your setup but due to their increased value of the kiwi it will affect there exports which is big business for them. Plus in nearly all of the majors that this currency has paired in its now indicating for a reversal. Plus take note that there will also be an election coming soon so rhetoric will affect the strength of the kiwi. Keep an eye but for sure a short is the best outcome in the medium term.
ForexTrade
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@Jamal92, Thank you for your comment. Completely agree with your statement "Plus in nearly all of the majors that this currency has paired in its now indicating for a reversal."
Jamal92
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@ForexTrade, No problem. Expect a fall to around 0.70 to even around the 0.68 which I will then set a long back to 0.73