Trade Idea: Are The Bears About To Push NZDCAD Lower?
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts“ where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Are The Bears About To Push NZDCAD Lower Again With A Bearish Signal Formed
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken key level 0.8829 now tested from below. With a first support of 0.8690
Price Action Signal: Outside candle has formed at the key level 0.8829 and descending channel top.
Chart Notes: The NZDCAD pair broke out in momentum lower at the key level of 0.8829 and has now tested as a resistance from below.
With a strong bearish bias that remains intact , with room to fall to the previous Daily lows being the first support area.
Potential Trade Idea:
I am considering selling this pair at the key level of 0.8829 as it now holds as a new resistance in this down trend.
This setup has plenty of free space, giving the trade idea room to head lower to the first support area.
With a first potential target being the last daily lows. Will give me at least a 1-1 first target.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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