Don’t Miss Out On This NZD Weakness
Tues 17th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- NZDCAD (Primary Focus Pair)
- GBPUSD (Covered In Video)
- NZDCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| NZDCAD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.8080 | ||
| Entry Price | If Alert level is tested: Sell Stop Order below circa 0.8070 | ||
| Stop Loss (Min) | 0.8110 | -40 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.7990 | +80 Pips | 1 : 2.0 |
| Profit 2 | 0.7950 | +120 Pips | 1 : 3.0 |
Risk warning: Trading carries a high degree of risk. Read more here.
Our live forex strength vs weakness tables point to the NZD being the weakest currency.
CAD is also on our radar being the third strongest currency on our day traders table.
Oil prices rallying could continue to influence CAD strength offering us further opportunities.
NZDCAD has been trading within a weekly (W1) bearish channel.
This formed from the highs in December 2022, and price has kept within this channel finding resistance at the bearish channel resistance and support at the bearish channel support.
On the week of 9th October price rejected this W1 bearish channel resistance again.
This could see price reach the W1 lows at 0.7950 or the bearish channel support.
On the H4 chart we can see that price formed a high at 0.8080; if price retests this high and forms a bearish rejection we can look for a short opportunity.
Sellers may look to target the lows at 0.7950.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is W1 on both tables.
- Price is trading within a weekly bearish channel.
- Sellers could target support at 0.7950.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
