NZD/CAD is near the key level

NZD/CAD is near the key level

2019-11-11 • Updated

Trade ideas

SELL 0.9280; TP1 0.92; TP2 0.91; SL 0.9300

SELL 0.9170; TP 0.9105; SL 0.9190

NZD/CAD approached the resistance line connecting 2017 and 2018 highs (0.9280) and 78.6% Fibo level (0.9260). Daily MACD doesn’t confirm the recent highs and a candlestick with a long upper wick was formed yesterday. This allows expecting a correction down towards 0.9100.

NZDCADWeekly.png

On the other hand, there’s still some scope for a move up. Short-term allows for a move to the mentioned resistance. Note though that buying with 0.9280 as a target would be a more aggressive and riskier trade than waiting for a chance to sell at this resistance.

NZDCADDaily.png

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