NZDCAD reversal trade idea
As mentioned on previous posts, New Zealand inflation is forecast to almost double over the next 12 months putting downward pressure on the New Zealand dollar.
Most of the other major New Zealand currency pairs are weak, adding probability towards a downward move on this pair.
RSI has made a bearish divergence recently, indicating that the New Zealand dollar is weakening.
Both fundamentals and technicals agree that this pair is weakening. I am bearish on this pair.
Wait for a pullback to a fib level before entering short.
Exit when the downtrend appears to be weakening.
Most of the other major New Zealand currency pairs are weak, adding probability towards a downward move on this pair.
RSI has made a bearish divergence recently, indicating that the New Zealand dollar is weakening.
Both fundamentals and technicals agree that this pair is weakening. I am bearish on this pair.
Wait for a pullback to a fib level before entering short.
Exit when the downtrend appears to be weakening.
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