ForecastCity_ME

💡Don't miss the great sell opportunity in NZDCAD

Short
FX_IDC:NZDCAD   NEW ZEALAND DOLLAR / CANADIAN DOLLAR
Midterm forecast:
While the price is below the resistance 0.9330, beginning of downtrend is expected.
We make sure when the support at 0.8985 breaks.
If the resistance at 0.9330 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
There is a divergence in RSI and price between the peak at 0.91615 on 2020-12-03 and the peak at 0.9328 on 2021-02-24, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 0.9330 on 02/24/2021, so more losses to support(s) 0.9160, 0.9060 and minimum to Major Support (0.8985) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 53.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (0.9060 to 0.9160). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

. Beginning of entry zone (0.9060)
. Ending of entry zone (0.9160)

Take Profits:
TP1= @ 0.8985
TP2= @ 0.8870
TP3= @ 0.8755
TP4= @ 0.8600
TP5= @ 0.8460
TP6= @ 0.8240
TP7= Free

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ForecastCity English Support Team ❤️

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