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Stalking for a NZD/CAD Short

Stalking for a NZD/CAD Short

Jamie Saettele, CMT, Sr. Technical Strategist

NZD/CAD broke a 4+ year bullish channel in June. The cross re-tested former channel support as resistance in August and 2 weeks ago (last week of October). Former support turned resistance = bearishness. In other words, this is a new downtrend. I'll be tracking short term developments over at SB Trade Desk in the coming days (and probably weeks) for a precise entry.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.