Welcome to our weekly trade setup ( NZDCAD )!
Sideways market structure around main sr level.
Price looks like we might see a strong drop shortly..
Good short positions, overall bearish looking market.
ENTRY LEVEL @ 0.88760
SL @ 0.89320
TP @ 0.87950
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels...
NZDCAD broke uptrend line and retested it
price rebounded from resistance level around 0.88903
price below SMA 100
MACD shows weakness of bullish momentum
RSI in downtrend line
so its expect bearish momentum to HVN and demand zone around 0.88555
NZDCAD seems to have completed a 5-3 (impulse-correction) cycle. Prices decline in five-wave from the top in wave (a), followed by a three-wave corrective zigzag in wave (b). The pullback retraced almost 78.6% of the sell-off, and the price action becomes weaker as it approaches the top.
According to Elliot Wave theory, once a 5-3 cycle is completed, ...
The price action has reached a resistance level to form a possible double top. If price cannot break through the level, it will reverse towards the support level (dotted blue line), allowing to capture the downward movement a sell stop order could be set.
S/L: 37 pips - R:R | 1:2.5 -
T/P: previous support level
*** If you like the...
welcome to a new free trading-setup.
After long NZD/CAD last week market has exactly reached my short-area.
This is the first attempt this week so I will keep my risk low.
Target 1: 0,87660
Target 2: 0,87365
Target 3: 0,87080
previous fakeout the the downside hasbeen a strong Stop-Loss-Fishing-Move and resulted in a strong upmove.
Currently NZD/CAD is testing a strong resistance but still shows a lot of buy-pressure there which makes it more likely to see a break until the next resistance which would complete the A-B-C Pattern close the the 50% - 61,8%...
NZD - BEARISH
1️⃣ New Zealand extended its level three lockdown restrictions in Auckland until at least midnight on Sunday, reporting 7 fresh cases of the coronavirus as community transmission persists.
2️⃣ The volume of total retail sales in New Zealand declined a seasonally adjusted 14.6% in the second quarter of 2020, posting the largest drop in total volume...