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NZDCADANALYSIS

NZDCAD, price testing the demand zone!currently, we are seeing price testing the demand zone, we need to wait for the price to react and bounce off from the demand zone before placing any buy order. wait until price formed a rejection pattern on a lower timeframe - do your own research! ;) **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in the comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
NZDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 43 - 20 Oct M > Market is moving in a downward channel, price dropped from resistance level of the channel completing the W formation. W > Price dropped to test monthly support, faced rejection and moved up to test weekly resistance again. Price also had support of rising trend-line. D > We saw formation of H & S pattern, hence expected bearish movement. Price dropped out of support trend-line but moved back in to pause at daily demand zone. As expected price broke out of demand zone. We expect price to continue with drop till weekly support. As per COT NZD saw addition of both Long and Short further increasing net positions, confirming further improved strength of ZXY for the said week. ZXY has been gaining strength slowly since June 2020. ZXY however weakened last week. CAD saw addition of major Long and closure of Short positions with Short positions further reducing to least for current year, improving net positions (still in -ve). CXY further gained strength during the said week but weakened a bit last week. 4H > Price created a new H & S pattern on 4H time frame and with good momentum continuing to drop towards our target. Pair Correlation > NZDCAD has positive correlation with AUDCAD, AUDUSD and NZDUSD and negative correlation with GBPNZD and GBPAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
NZDCAD - BEARISH BIASNZD - BEARISH 1️⃣ Investors continue to expect negative interest rates following dovish statements last week from RBNZ. 2️⃣ Fresh news showing Sino-American and Aussie-China jitters join virus woes and vaccine hopes to confuse traders. CAD - BULLISH 1️⃣ Crude oil futures rose more than 2% to trade above $40 a barrel on Tuesday, after latest data showed China, the world’s top crude oil importer, took in 11.8 million bpd of oil in September, up 5.5% from August and up 17.5% from September last year. 2️⃣ Governor Macklem added that the BoC is not actively discussing negative interest rates but they are a tool the bank could use in case it needs to do more to tackle economic challenges caused by the pandemic. 3️⃣ CAD gathers strength on impressive Canadian jobs report. Unemployment Rate in Canada declined to 9% in September. ===== TECHNICAL ===== - We would like to short NZDCAD on SBR level + 61.8% fibo retracement on H1 chart. - NZDCAD still in bearish zone.
Short
by MonsunAsia
NZDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 40 - 30 Sept M > Market is moving in a downward channel and price has dropped from resistance level of the channel completing the W formation. W > Price dropped to test monthly support, faced rejection and moved to test weekly resistance. Price also has support of upward trendline. D > We expected rejection at weekly resistance to get H & S pattern. As per COT NZD saw closure of both Long and Short increasing net positions whereas Commercials saw closure of Short positions, whereas ZXY was strong for the said week. ZXY fell sharply last week. CAD saw closure of both Long and Short further reducing net positions (which is in -ve since March 2020), N-R saw major closure of Long and few Short and Commercials saw closure of both Long and majorly Short, confirming weakness for the said week. CXY was more weaker last week, however market should reverse bringing CXY to +ve net position. CXY is now testing support level. 4H > Price is now moving down and currently testing demand zone, we expect drop till support trendline. Pair Correlation > NZDCAD has positive correlation with NZDCHF and negative correlation with EURNZD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Short
by AP17FX
NZDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 42 - 12 Oct M > Market is moving in a downward channel, price dropped from resistance level of the channel completing the W formation. W > Price dropped to test monthly support, faced rejection and moved to test weekly resistance. Price also has support of rising trend-line. D > We can see formation of H & S pattern, hence we expect bearish movement. Price had dropped out of support trend-line but moved back in and is now testing daily support now turned resistance. As per COT NZD had closure of few Long and major Short increasing net positions, confirming strength of ZXY for the said week. Short positions have reduced to least in current year. ZXY has been gaining strength slowly since June 2020. ZXY improved its position last week. CAD saw closure of Long and more Short positions with Short positions reducing to least for current year, slighting improving net positions. N-R saw closure of Long and addition of Short, in effect reducing cumulative net positions to further -ve. However CXY gained strength for the said week and was much more strong last week. Currently ZXY is gaining strength and so does CXY, for bearish move of NZDCAD ZXY needs to weaken and CXY needs to strengthen. Hence we have to be cautious while taking Short trade. 4H > Price has created W formation and we expect a drop to test the neck. We will monitor price action for entry from there, Short or Long. For long term we will continue to have bearish bias. Pair Correlation > NZDCAD has positive correlation with NZDCHF, AUDCAD, AUDUSD and NZDUSD and negative correlation with EURNZD, GBPNZD and GBPAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
NZDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 06 Oct M > Market is moving in a downward channel, price dropped from resistance level of the channel completing the W formation. W > Price dropped to test monthly support, faced rejection and moved to test weekly resistance. Price also has support of rising trendline. D > We can see formation of H & S pattern, hence we can expect bearish movement. As per COT NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. 4H > Price is creating LH and LL in its bearish trend, price needs to break 4H support level to confirm bearish trend. We expect drop till support trendline. Pair Correlation > NZDCAD has positive correlation with NZDCHF and AUDCAD and negative correlation with EURNZD and GBPNZD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Short
by AP17FX
1