Technical:
1.Ichimoku: Ichimoku giving a buy signal.
2.MACD: MACD is also giving a buy signal.
3.Currency Strength:
CAD is so much stronger than NZD.
Fundamental:
Due to the trade war between China & US, Chinese currency is weakening, so is NZD..
Trading Plan:
I'll Open long...
CXY broke out of its major support at 6.9681 where it could potentially fall further to its support at 6.9491 (50% Fibonacci retracement, horizontal overlap support).
cadnzd came towards daily resistance zone (green) and has rejected this zone about 4 times now so I am hoping price does the same things again. Price then created a rising wedge which broke out and retested daily zone one more time.
cadnzd was meant to be a bearish setup due to daily resistance (green) being rejected three/four times but price broke out and retested the zone so this became a bullish setup until price reaches weekly resistance zone (purple)
CXY is approaching our first resistance at 6.9990 (horizontal overlap resistance, 78.6% Fibonacci retracement, 100%, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9634 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support).
Stochastic is also approaching...
CXY is approaching our first resistance where we might see a corresponding drop in price. Stochastic is also approaching resistance where we might see a corresponding drop in price.
CXY is approaching our first resistance at 7.0544 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9899 (50% Fibonacci retracement, horizontal overlap support).
Stochastic is also approaching resistance where we might see a...
CXY is approaching our first resistance at 7.0544 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9899 (50% Fibonacci retracement, horizontal overlap support).
Stochastic is also approaching resistance where we might see a...
on the cadnzd pair, I see bullish potential from support zone + falling wedge pattern. Price reacted very well from support with an engulfing bar and has retested newly formed support zone. Looks like potential inverse H&S but can't be too sure on that.
Price has also reacted very well off newly support...
This setup is one of my favorite. Previous failed reversal leading to another lower low, but with clean room for another attempt for some fibs.
PAC and TDI are showing signals that it could be right now, so with RR it's worth taking the shot.
No fundamentals here in play, just pure technical.
Let's see how this evolve in the following days.
GL HF
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