Online Forex broker
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.
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.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
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