I haven’t been taking too many trades as of late. Here are the current trades off technical levels, not much fundamentals involved.
Currently, I do not have a trade in this pair. However, I do believe it is one worthwhile to monitor. As you can see, this is a weekly timeframe and the selling volume has been drying up for 3 weeks straight. I’m not a fan of looking at the “wedge” as a sign for consolidation, but I do believe that the upwards sloping trendline does add to the strength of a potential reversal that we should be expecting. Since this is on a weekly timeframe, I would expect the bulk of the move to take place some time next week.
This is an intra-day trade that I’m taking given the overlap of the moving averages. The candlesticks also appear to be making a recovery after a sell-off from the 1.424~ highs. I am looking to hold this trade to the next Asian session, which is expected to be more active by then.
I wouldn’t be surprised if this pair rallies for the week ahead. I really like this chart set up where the price tries to rally lower, but each sell off is immediately followed by a recovery. The most recent break low was even weaker than the ones before it. The immediate recovery is a good sign that selling pressure is drying up. I am still keeping my long entries on the shorter side. I would much rather enter and exit multiple times instead of taking on a position trade.
This is my short-term trade setup. I have my target set at 107.5~ with a stop loss of 105.8~. This sits just under all three sets of the moving averages. If price crosses below all three moving averages, it is likely that it will be a shorter term downtrend, which is no reason to hold my trade through that. As price tests the daily level of 107.8~, I will consider looking to make another long entry.
This is the final intra-day trade I took. I know that I have re-iterated a bullish stance on NZDCAD for quite some time now, but the shorter term sentiment is bearish. Two weeks ago, the weekly bearish candle overlapped the bullish candle 3 weeks ago. This pair remained relatively quiet last week, but I am once again taking a bearish stance. The moving average cross-over dictates the short term bearish trend and any buying pressure remains very lackluster. My target for this trade is at 0.924~.