NZDCAD Is It Now Time To Sell?
Wed 1st February 2023 : Daily Currency Strength Analysis
In Today’s Video we’re looking at Trading Setups in:
- NZDCAD
- GBPCHF
NZDCAD Is It Now Time To Sell?
In today’s currency strength video we identified that the New Zealand Dollar (NZD) and the Canadian Dollar (CAD) have reversed roles on the tables.
The NZD now tops the day traders table as the weakest currency and the CAD is the second strongest.
NZDCAD has been one of our favourite charts to trade making us well over 600 pips profit on it’s recent rally.
But has this rally now come to an end?
Overnight the price has broken down through multiple levels of support including the 0.8625 lows.
This held confluence with a trendline support which has also been broken down through.
If this momentum is to continue we could expect the price to test the lows of 0.8450.
Technical Observations
- The NZD is W1 and CAD is S2 on the day traders table.
- Price has broken down through key support of 0.8625.
- This level could act as resistance if the price were to retest it.
- Currently the price is back within an old range.
- On the H1 chart, if we were to see a failed high form we could expect the price to move lower.
- The lows of 0.8450 will be targets for sellers as this is the major swing low.
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