NZDCAD-long term plan and long entry
Hello, long term i think this pair has clearly more way down to go.
Looking at W1 chart we see the price broke the long term trendline, made the first LL and is doing a pullback trying to retest the trendline.
AO shows also the first convergence, it will help me to apply the convergence-divergence setup on D1 chart.
Here on D1 chart we see choppy price action making a complex correction for Wave 2 (or wave B). Its tricky to trade inside this wave so it will be better to wait
for a short setup, ideally near 0.9000
There is a possible long setup right now on H4 chart (see below) to make some pips before the expected strong decline.
Fundamentally, its expected the RBNZ will cut rates sooner than later in this "currency war", so the short entry would have more possibilities, be prepared for that.
Regards.
Looking at W1 chart we see the price broke the long term trendline, made the first LL and is doing a pullback trying to retest the trendline.
AO shows also the first convergence, it will help me to apply the convergence-divergence setup on D1 chart.
Here on D1 chart we see choppy price action making a complex correction for Wave 2 (or wave B). Its tricky to trade inside this wave so it will be better to wait
for a short setup, ideally near 0.9000
There is a possible long setup right now on H4 chart (see below) to make some pips before the expected strong decline.
Fundamentally, its expected the RBNZ will cut rates sooner than later in this "currency war", so the short entry would have more possibilities, be prepared for that.
Regards.