Under the title “ Levels to watch” we have discussed our bearish outlook for the NZDCAD pair after clearing SMA50 and the middle line of Bollinger bands over weekly studies.
One of the levels that represented our soft technical target was 0.90 psychological and it was touched comfortably today.
In this level, traders can manage their trading desk by closing 50% of the quantity used to short the NZDCAD pair from 0.9115 zones and move their stop loss to this entry point.
The remaining quantity of shorts could be left towards the main technical target of our southern trip at 0.8765.
RSI14 stabilizes below the value of 50.00 and keeps moving downwards, while MACD remains negative, reinforcing our constructive bearish outlook.