NZD/CAD:
Date: 6 March, 2017
H4 Graph: Medium term choppy, Short term short
Price made 3 tries to break up above the 0.96500 but it was not able to. As the price continue to go down it broke below horizontal support around 0.948 and now it breaks diagonal support, and made a retest of the break at 0.94200, possibly the move down is to continue. Price remains below 50 and 200 EMA's and also the 50 remains below 200 EMA, which is a possible confirmation for the short move.
DEM - Indicator in the oversold zone and not helping us in this scenario.
Alternative scenario: If the price moves up again and passes above the break at 0.94200, this will cancel the bearish setup.
Price for Entry short around: 0.93900
SL: 0.94400
Trader - S. Fuchedzhiev
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