NZDCAD / H4 / Daily Forex Technical Analysis / 5.6.2019

2019年5月6日

Hello Traders, welcome to the Daily Forex technical analysis. Today is May 6th, 2019 and we will be taking a look at the New Zealand Dollar against the Canadian dollar. Looking at the 4 hour time frame price action has retraced back to the .89184 support area with no bullish conviction. Price action seems to just be hovering around this support zone, showing signs of weakness. With a break and a confirmation close below the lows of the .88758 zone we would be looking to take an entry Short. Entry for a Short position near the .88699 area, with a Stop Loss near the .89271 region, with a target profit level area of .873265 to possibly ensure a profitable trade with a 2.4 to 1 R/R.