- October 6, 2021
- Posted by: admin
- Category: Market Insights
General overview: NZD/CAD is holding the 10-day moving average and following completion of a compelling correction, the bears are back in control testing critical resistance. The pair testing the major resistance level in the market. The market travels upwards side in the market. The bears are forcing market towards the positive side in the market. The pair makes the clear path towards the bear signals in the market. The pair creating the sell path in the market. The market travels towards the buy position in the market. The pair creating the bearish candlestick in the pair 0.8732 and pair creates lower low in the market. The pair makes the bearish marabuzo stick on daily chart pattern. The sell side can be formed on the positive side in the market.
Technical Analysis: From the technical point of view we can say that market set towards the sell position in the market. The market makes the negative side this time. The market technically sets towards the selling side in the market. On 15 minutes chart we can say that market makes the lower low in the market also on 4 hourly chart market sets towards the bearish momentum . The RSI sets towards the sell side in the market as it travels above the 50 level and MACD will also makes the sell side in the market. The odds are in favour of the market and the bears are playing at the front foot in the market.
Trade idea: We can say that market will step towards the sell side in the market at level 0.8753 and target will be 0.8700-0.8650and stop loss will be 0.8880.