CoinChemistry

NZD/CAD Bearish Currency of the week!

Short
OANDA:NZDCAD   NZD/CAD
OANDA:NZDCAD

This chart has a beautiful confluence across the Weekly, Daily & 4-Hour time frames.

The price has respected the trend line on the weekly chart since 2016! With less than 4 hours to close the week, it's rejecting the 200 EMA and is likely to close below the trend line with a Doji .

On the daily chart , we see that the price has not been able to breach the 0.89400 level. On 22nd July we got a Gravestone Doji followed by a negative covering candle.

On the 4-hour time frame, the price has given us a breakdown below the 13 EMA . Now it is taking support from the trend line below.

Our idea is to enter a short trade in the 4-hour time frame once the price breaks below this trend line with TP1 at 0.87300 and trail the stop loss until we get TP2 at 0.83000 in the next few sessions.

P.S. I am keeping the analysis simple with minimal drawings and indicators! Will really appreciate any comments, feedback, suggestions, etc! :)

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