NZDCAD
Timeframe: H4
Technical Analysis: The price has formed a "Head to Shoulder" formation at 23.6% Fibonacci retracement in the downward movement launched in March 2019. We have a neck-line breakthrough and an important support of 0.8900.
Indicators: The price is below 50-DMA, 100-DMA and 200-DMA to support sales.
ADX: The indicator is in favor of short positions.
Entry: Aggressive entrance at current prices at 0.8877, with more conservative traders could wait for the decision of the New Zealand Central Bank to declare interest rate on 8.05.2019 at 05:00 GMT +3
SL: 0.8950
Alternative Scenarios: If the price is able to close above 0.89-90, we will probably see a return to the main upward trend in NZDCAD formed in September 2018.
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