NZDCAD’s June 12 down wave may extend lower to target the remaining sell side liquidity levels residing under April and May lows.

Join me as I share my first analysis and trade plan for the NZDCAD cross pair.

There are no high impact economic reports in New Zealand while only 1 in Canada this week.

Assessing NZDCAD’s high timeframe candles:

Yearly Candle: A Red Body with a Longer Head Wick

Monthly Candle: Previous close is a Red Long Upper Shadow current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Hammer

Daily Candle: Previous close is a Red Long-Legged Doji current is a Green Body with a Longer Tail Wick

We see a strong downtrend that is still happening in NZDCAD since June 12 after its previous up wave has reached the top.

Selling pressures appear to have subsided after the cross pair found some buyers during intraweek’s opening.

However when we try to look at the price structure and where the price is probably heading, there are still remaining sell side liquidity levels that are viable targets by the NZDCAD bears.

Looking to see some more dead cat bounce rallies towards 0.8170-80 in line with the previous up wave’s 78.60% fib retracement level before we see another leg down.

Counter-trend buyers are readying up for sure if this week’s lows will hold up upon retest to reverse the June 12 down wave.

They are betting against the already oversold metrics.

Today's trade plan will be short after I have carefully examined NZDCAD’s price structure.

Although too oversold as we speak, I like to take a sell bet in the 78.60% fib level in line with its 4H 50-SMA acting as immediate resistance.

I’ll be putting a tight stop loss at the 0.8210 only while the take profit target is aimed at least below April 30 to  May 1 lows.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

NZDCAD Intraday Analysis and Trading Plan For July 30, 2024

Jul 30 2024

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