Should You Still Buy NZDCAD?

Thurs 26th January 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• NZDCAD
• AUDUSD

Should You Still Buy NZDCAD?

In today’s currency strength video we identified that the New Zealand Dollar (NZD) and Canadian Dollar (CAD) have appeared on the tables. 

The NZD is featured at S2 and the CAD is featured as W3, meaning we can look for potential buys on this forex pair.

If you have been a member with us over the past few months you would know that NZDCAD has been a favourite of ours.

Since we featured it the first time the price has rallied 600 Pips providing us with many trading opportunities.

However, are buys still valid and if so what should we look for?

Technical Observations

• The NZD is S2 and CAD is W3 on the day traders table.
• Price has formed weekly highs at 0.8800, which could be targets for traders buying the market.
• The market has recently broken out of a small trading range. 
• Support is being held at the 0.8625, if price remains above this level longs remain valid.
• Currently the price is being held at 0.8700 resistance, a break above this level will offer buy opportunities to the previous highs.