Home Technical Analysis NZDCAD: Soft Objective Met, What is Next?
NZDCAD: Soft Objective Met, What is Next?

NZDCAD: Soft Objective Met, What is Next?

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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.

nzdcad-06-05-2015

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.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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