- May 20, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview:NZD/CAD bears stepping in to challenge the bulls at key resistance. Bears target a downside continuation on the daily chart. Pair is forming downside slops; pair creates the bearish momentum in the market. The market creates the sell signals in the moves towards the selling momentum in the market. The pair makes the lower low in the market as the pair makes the sell signals in the market. The pair is testing the level of 0.8500 and 0.8343 makes sell territory in the market, as the market forms bearish the market. An additional signal supporting the growth can be a headed towards the lower body of the ascending channel pattern as on the daily chart we find trend breakout in the market. The pair is making the momentum towards downside side in the market and makes the potential downfall in the system.
Technical analysis: From, Technical point of view we can say that market makes its side towards the sell position in market. On the daily chart market creates the trend breakout level market headed towards selling the market. On the 4 hourly charts market is giving support of 200 SMA and 50 EMA in the market and towards more bearishness in market major and minor moving averages line are also above the pair and creates sell signals in the market. The market formed rounding top and expected to fall till level 0.8500 and further in the market. The indicator RSI and MACD is also making sell opportunity in the market. The support level will be 0.8630 followed by 0.8570 and resistance will be 0.8740 followed 0.8780..
Trade idea: our traders will sit on the sell side at level 0.8687 target will be 0.8620-0.8560 and stop loss will be 0.8750.