NZDCAD: Trade setup of May, final targets on the way!
Resuming our technical analysis series for the NZDCAD pair, which started on May 04 and was followed by risk management plan on May 06, we can easily see how prices have blasted through 0.90 psychological level.
Areas of 0.90 was the soft technical objective of our trade setup where we suggested closing 50% of the quantities used to short the NZDCAD pair after moving the stop loss to the entry point at 0.9115.
Currently, we see the pair falling below the lower line of Bollinger bands along with continuous negative pressures from MACD and RSI14, exposing the final target of our setup at 0.8765.
As usual, we will gradually book our profits and thus, we propose closing 25% of the position quantity, while leaving the remaining quantity towards 0.8765.
Finally, we will use the trailing stop loss with 100 pips above the current trading levels.