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FOREX Intraday: NZDCAD "Sell" in the direction of the main trend

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NZDCAD

Timeframe: H1

Technical Analysis: The price has reached a peak of the bearish trend launched on 15.05.2019, as well as 23.6% Fibo retracement of the same movement.

Indicators: The price is below 100 and 200 SMA, which supports the "Sell" scenario.

DeM (14): The indicator is in a "overbought" zone and gives further confirmation.

Entry: 0.8730

SL: 0.87595

Alternative Scenarios: If the price breaks down the downward trend channel and passes over 100-DMA, we'll probably see the reversal Head & Shoulders activating in the 0.8730- 0.8700

 


 Trader Velizar Mitov

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