Market Watch – NZDCAD Forecast 7-12th September 2014

In times of uncertainty and rapidly changing risk avversion in the market, it’s best to trade pairs that have a similar exposure to risk. This will limit external influences in the price action and technical analysis becomes more effective. One of these pairs is the NZDCAD. Recently, the canadian dollar has enjoyed a nice rally, fueled by an optimistic central bank. However, the data last week showed a deterioration in the job conditions in Canada, therefore I started looking for a pair to short CAD. Considering the likelihood of a correction in NZD as noted also for the pair EURNZD, I decided to have a look at the NZDCAD pair.

Chart

As we can see in the chart, on friday we broke the downtrend in NZDCAD and I now expect the price action to test again that trendline. In case of a bounce it would be a good opportunity to get long on this pair.

Further details are in my latest video:

Good luck trading!!

Filed in: NZD Pairs Tags: , , , , , , , , ,

You might like:

Is the stock rally already over? Is the stock rally already over?
ECB unleashed QE in the curerncy war, who is the next? ECB unleashed QE in the curerncy war, who is the next?
Is the Eurozone doomed to fail? Is the Eurozone doomed to fail?
Trading the Dollar Index this Week 06-10-2014 Trading the Dollar Index this Week 06-10-2014

Leave a Reply

Submit Comment
© 2924 How to trade for a living. All rights reserved. XHTML / CSS Valid.
Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions..