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Kiwi on the Move – NZDCAD

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Good morning Traders!

The New Zealand dollar has finished the week lower against many of it’s trading partners, and NZDCAD caught my eyes.

NZDCAD W

NZDCAD

Following a pullback on the Weekly chart, last week move, while coming close, failed to break the high of the previous weekly candle high, which can be seen as a bearish sign.

NZDCAD M

On Friday, the market broke with gust the previous Daily swing Higher Low and closed below it. I also like the fact that the market closed below the area of the 84.00 which has been an area of S/R in the past.

NZDCAD D

I am looking for a pullback to the 4hr level of S/R around the 84.60 area, and then for a rollover setup in the direction of the overall longer term trend.

NZDCAD 4h

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

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Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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