Trend Analysis
The main view of this trade idea is on the 2-Hour chart. The Forex Cross NZDCAD is in an upward trend channel, and is forming a higher low around the 0.875 price level. Expectations are for a continuation of this trend channel in the medium term, with a higher high being made around the 0.895 price level, 1.81% away from current levels.
Technical Indicators
The technical indicators being used need to confirm the expected positive price movement in NZDCAD. At the time of publishing, NZDCAD is approaching a positive crossover on its short (25-SMA), medium (75-SMA) and fractal moving averages. Also, secondary positive confirmations in KST and RSI is being monitored, that is, a positive crossover in KST as well as the RSI crossing above 50. The occurrence of these positive crossovers will aid in the bullish thesis of NZDCAD.
Recommendation
The recommendation will be to go long at market. At the time of publishing NZDCAD is trading around 0.879. The medium-term target price is observed around the 0.895 price level, the top of the upward trend channel. A stop loss is set at 0.874. This produces a risk reward ratio of 2.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in NZDCAD.
The main view of this trade idea is on the 2-Hour chart. The Forex Cross NZDCAD is in an upward trend channel, and is forming a higher low around the 0.875 price level. Expectations are for a continuation of this trend channel in the medium term, with a higher high being made around the 0.895 price level, 1.81% away from current levels.
Technical Indicators
The technical indicators being used need to confirm the expected positive price movement in NZDCAD. At the time of publishing, NZDCAD is approaching a positive crossover on its short (25-SMA), medium (75-SMA) and fractal moving averages. Also, secondary positive confirmations in KST and RSI is being monitored, that is, a positive crossover in KST as well as the RSI crossing above 50. The occurrence of these positive crossovers will aid in the bullish thesis of NZDCAD.
Recommendation
The recommendation will be to go long at market. At the time of publishing NZDCAD is trading around 0.879. The medium-term target price is observed around the 0.895 price level, the top of the upward trend channel. A stop loss is set at 0.874. This produces a risk reward ratio of 2.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in NZDCAD.
Transakcja zakończona: osiągnięto poziom stop
Close: stop reached.
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.