Nice bearish breakdown on NZD/CAD

A significant majority in the market believes the Bank of Canada (BoC) will raise rates this month. The talk of July rate hike may be overdone, nevertheless, the bearish breakdown on the NZD/CAD presents an attractive to initiate shorts…

Screenshot_4.jpg

The RSI is bearish and pointing lower as well.

We need to be quick in taking profits/moving out of the short trade as the weekly chart below shows a possibility the 50-MA at 0.8450 offering support to the pair.

In the short-run,  the cross could dip to 0.94, but further losses are ruled out.

Screenshot_5.jpg

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s