NZD continues to outperform CAD after the NZDCAD bulls broke June 12 downtrend for good. Latest up wave is likely to push higher.

As a result, my July 30’s short trade plan has exited in loss after holding for 21 hours:

https://www.finlogix.com/analysis/20240730/nzdcad-intraday-analysis-and-trading-plan-for-july-30-2024

There are no upcoming high impact economic reports in New Zealand but 5 in Canada this week.

Assessing NZDCAD’s high timeframe candles:

Yearly Candle: Last check is a Red Body with a Longer Head Wick now a Red Long-Legged Semi Doji 

Monthly Candle: Previous close is a Red Long-Legged Spinning Top with a Slightly Longer Tail Wick current is a Green Spinning Top with a Longer Tail Wick

Weekly Candle: Previous close is a Green Long Upper Shadow current is a Green Shaven Bottom

Daily Candle: Both previous close and current are Green Shaven Bottoms

So, it is good to see that the June 12 down trend has finally abolished after the NZDCAD bulls made a good run resulting in a new up wave still in progress though.

Today’s retracement points of view will be June 12 swing high to July 29 swing low moves.

I am speculating that the price movement will seek to liquidate the external highs residing step by step as high as the previous June 12 peak.

The bulls have already breached the 50% fib level and are currently initiating for another leg up move with higher probability.

Meanwhile, pullbacks are considerable to sustain this theory.

In today’s trade plan, I am changing my instance to a buyer taking advantage of the latest up wave that the NZDCAD is currently in to.

With a fully retraced bearish 4H FVG, the bears were upset.

While still hovering in a discounted form, I like to enter at the current mini consolidation targeting the 61.80% fib level as take profit exit while a willing stop loss at the 38.20% only.

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 August 19, 2024

Aug 19 2024

Take Profit +0.73%

Holding time 22hr

0.82929

Entry price

0.83531

Take profit price

1