At the time, the fundamentals are not reflected in the technical environment, but we are Traders, and we have to limit ourselves to read charts. This is not a setup, but an analysis that will help us in the coming weeks, in the search for pattern and entry levels for our trading. At the moment, we remain witk a bullish view on this pair. Good trading everyone!
SignalSwiss
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new highs for nzdusd!
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The New Zealand Dollar also found support from data. NZ PMI Services increased from the prior period, reporting a reading of 57.9 vs. 54.5 in July. Westpac Consumer Confidence also showed an increase in the third quarter with a reading of 108 vs. 106 the prior period. The RBNZ meets later this week and having just lowered rates in August, no changes are expected.
The mental state is very important in Forex , and when the market faces huge resistance for sure will respect because it a area all people are sitting and waiting for the price to reach that level and they will take action when it reaches and it's already there now , i don't think the NzdCad will go up at least for the next week .
MoeHelou
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But also there is H&S and we have the NZDCAD in very strong resistance that means the NZD is going to corrective if we assume it is bullish for this period or what ?
JosephCarson
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Seems to be working. That sure looked like a classic weekly bear flag, yuck! Now looks like a V-recovery.
newwarez2
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Thanks for the analysis, Sharp and smart one !
waiting for the setups ..