NZDCAD: Sell opportunity within a 6 month Channel Down.

11 Eki 2019

The pair is trading within a 1W Channel Down (RSI = 37.641, MACD = 0.014, Highs/Lows = -0.0048) since the end of March 2019. The pattern has provided clear Lower Highs (to short) and Lower Lows (to long). At the moment the price is rebounding off a Lower Low on a bullish 1D RSI sequence. Last time this 1D sequence took place within the Channel Down was in May and followed with a marginal cross above the 1D MA50 (light blue trend line) as it priced the Lower High.

We expect a similar price action this time as well, so be ready to short the cross with a potential Target Zone of 0.81000 - 0.82000.






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