NZDCAD Price Approaching Key Support

Mon 17th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• NZDCAD
• EURNZD (Covered in Video)

Today we’re looking at Trading Setups in: NZDCAD & EURNZD (Covered in Video)

NZD weakness seems to be sticking, with the currency appearing on the tables the past 6 trading days.

CAD is one of the stronger currencies offering opportunities on NZDCAD.

NZDCAD has been trading within a bearish channel after finding resistance at 0.8800.

Despite the tables suggesting we should be short this forex pair, price is approaching a major level of support.

The 0.8250 level holds confluence with the bearish channel support as well as a daily 200 moving average. 

If price reaches this support we could see the pair reverse trend back to the upside.

However, day trades could be looking for short term opportunities to this key support.

Previous lows at 0.8325 could act as resistance for short term sells towards 0.8250.

Technical Observations

• The CAD is S2 and NZD is W2 on the day traders table.
• Price is trading within a bearish channel.
• Traders could be targeting the bearish channel support, horizontal support and daily 200 moving average at 0.8250. 
• Day traders could consider short opportunities at previous lows at 0.8325.