ForecastCity
Short

Another trading opportunity to sell in NZDCAD.

FX_IDC:NZDCAD   NEW ZEALAND DOLLAR / CANADIAN DOLLAR
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of downtrend.

Technical analysis:
While the RSI resistance #1 at 60 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 0.8785 on 05/17/2018, so more gains maximum to Trend Hunter Sell Zone (0.9110 to 0.9170) is expected.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 56.

Trading suggestion:
There is a possibility of temporary retracement to suggested Sell Zone (0.9110 to 0.9170). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (0.9110)
Ending of entry zone (0.9170)

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @0.9000
TP2= @ 0.8930
TP3= @ 0.8860
TP4= @ 0.8785
TP5= @ 0.8640
TP6= Free
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