BluetonaFX - NZDCAD SHORT to Monthly Low Idea
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Hi Traders!
There is a possible retest of the strong support level of 0.80531, and there are potential opportunities for short entries towards this level.
Price Action 📊
The market is currently in a descending price channel and recently broke and closed below the 20 EMA, which suggests that there is currently bearish momentum in the market.
We are looking for the bearish momentum to continue with a look to target the support level of 0.80531, which is also the monthly low.
Fundamental Analysis 📰
Recent data out of New Zealand has not been as strong as analysts would have liked, which may lead to possible NZD weakness for the time being. Additionally, the NZD seems to be weaker following the release of Chinese inflation figures, which has an effect on antipodean currencies.
Support 📉
0.80531: MONTHLY LOW
Resistance 📈
0.81203: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a possible retest of the strong support level of 0.80531, and there are potential opportunities for short entries towards this level.
Price Action 📊
The market is currently in a descending price channel and recently broke and closed below the 20 EMA, which suggests that there is currently bearish momentum in the market.
We are looking for the bearish momentum to continue with a look to target the support level of 0.80531, which is also the monthly low.
Fundamental Analysis 📰
Recent data out of New Zealand has not been as strong as analysts would have liked, which may lead to possible NZD weakness for the time being. Additionally, the NZD seems to be weaker following the release of Chinese inflation figures, which has an effect on antipodean currencies.
Support 📉
0.80531: MONTHLY LOW
Resistance 📈
0.81203: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
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