Home Technical Analysis NZDCAD: Where should we stop our continuous shorts?

NZDCAD: Where should we stop our continuous shorts?

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According to our previous suggested scenario,  the NZDCAD pair has been able to penetrate the medium-term clue support level ( turned into resistance at 0.8600) as seen on the provided weekly graph.

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Next technical targets for our previous taken short setup reside in the 0.8335 where the 76.4% Fibonacci of the wave from 0.7945 to the significant high of 0.9650 exists.

NZDCAD-FXCOMMENT-18-06

To insure the profits we made during the previous period, we will move the stop loss to the last entry point at 0.8600.

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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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