NZDCAD considering price action analysis.
This order is based on the following analysis:
Price action: The NZDCAD pair has been in a strong bearish trend since the beginning of July. The price has fallen below the 200-day moving average and is now trading at its lowest level in over a year.
Technical analysis: The technical indicators are also bearish. The MACD is in a bearish crossover, and the RSI is below 30.
Fundamental analysis: The fundamental factors are also bearish for the NZD/CAD pair. The New Zealand dollar is being weighed down by concerns about the country's economic growth, while the Canadian dollar is being supported by rising oil prices.
This order is a short-term trade, and the target is to sell the pair at 0.8500. The stop loss is placed at 0.9000, which is just above the 200-day moving average. This is a conservative stop loss, and it will allow the trade to run if the market does not reverse.
It is important to remember that this is not financial advice. The market is unpredictable, and past performance is not a guarantee of future results. Always do your own research before making any trades.
Price action: The NZDCAD pair has been in a strong bearish trend since the beginning of July. The price has fallen below the 200-day moving average and is now trading at its lowest level in over a year.
Technical analysis: The technical indicators are also bearish. The MACD is in a bearish crossover, and the RSI is below 30.
Fundamental analysis: The fundamental factors are also bearish for the NZD/CAD pair. The New Zealand dollar is being weighed down by concerns about the country's economic growth, while the Canadian dollar is being supported by rising oil prices.
This order is a short-term trade, and the target is to sell the pair at 0.8500. The stop loss is placed at 0.9000, which is just above the 200-day moving average. This is a conservative stop loss, and it will allow the trade to run if the market does not reverse.
It is important to remember that this is not financial advice. The market is unpredictable, and past performance is not a guarantee of future results. Always do your own research before making any trades.