Buy Limit
CAD/NZD @ 1.1870
SL - 1.1800 (-70 pips)
TP1 - 1.2040 (+170 pips]
TP2 - 1.2100 (+230 pips)
Fundamental Analysis
i. 10.15.2019 COT Reports show ~67,000 orders from non-commercial entities (Banks) Longing the CAD and ~56,500 orders shorting the NZD.
ii. 2Y Canadian Bonds show a Bearish trend.
iii. If the price of the 2y Bond goes down, the Yield goes up. If Yield goes up, the price goes up.
Technical Analysis
iv. Daily chart shows Support @ 1.1855 and Resistance @ 1.2050.
v. To play it safe and get a cheaper price; 4H chart shows a good level of entry just above the 1.1855 Support between 1.1860 and 1.1880, hence the buy limit @ 1.1870.
vi. Fibonacci Retracements from the swing low to the swing high show the 1.1855 Support right in between the 0.236 and 0.382 levels.
vii. SL placed @ the 0.382 level (1.1800). *Thought about placing SL at the 0.05 level of 1.1695 but due to the quality of information from the COT reports i didn't see a necessity for it. Hopefully I'm right. *fingers-crossed*
viii. TP1 placed 10 pips below the 1.2050 Resistance (1.2040).
ix. TP2 placed 10 pips below what looked like another resistance just below the 1.2128 swing high.
CAD/NZD @ 1.1870
SL - 1.1800 (-70 pips)
TP1 - 1.2040 (+170 pips]
TP2 - 1.2100 (+230 pips)
Fundamental Analysis
i. 10.15.2019 COT Reports show ~67,000 orders from non-commercial entities (Banks) Longing the CAD and ~56,500 orders shorting the NZD.
ii. 2Y Canadian Bonds show a Bearish trend.
iii. If the price of the 2y Bond goes down, the Yield goes up. If Yield goes up, the price goes up.
Technical Analysis
iv. Daily chart shows Support @ 1.1855 and Resistance @ 1.2050.
v. To play it safe and get a cheaper price; 4H chart shows a good level of entry just above the 1.1855 Support between 1.1860 and 1.1880, hence the buy limit @ 1.1870.
vi. Fibonacci Retracements from the swing low to the swing high show the 1.1855 Support right in between the 0.236 and 0.382 levels.
vii. SL placed @ the 0.382 level (1.1800). *Thought about placing SL at the 0.05 level of 1.1695 but due to the quality of information from the COT reports i didn't see a necessity for it. Hopefully I'm right. *fingers-crossed*
viii. TP1 placed 10 pips below the 1.2050 Resistance (1.2040).
ix. TP2 placed 10 pips below what looked like another resistance just below the 1.2128 swing high.
