NZDCAD reached strong level

21 Eki 2018

NZDCAD is in a long downtrend lasting more than a half year. A few weeks ago traders saw a chance to go in buy position as the market almost reached monthly support, but it went up before reaching it. Now NZDCAD reached a strong level, where we expect a pullback downwards. The best entry in short position will be right after the market open or on a retest of the high from October 19. Appropriate stoploss would be 0.872 and takeprofit at 0.85. There is high probability that the market will create a pullback after making a bottom at monthly resistance. It can also retest the low at 0.8281.