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Stalking NZD/CAD for a Short

Stalking NZD/CAD for a Short

Jamie Saettele, CMT, Sr. Technical Strategist

In September, NZD/CAD traded to its best level since 1997. The rate has drifted lower since. The pattern since March 2014 is a head and shoulders continuation pattern but the September weekly reversal warns that the breakout to nearly 20 year highs is a 'fakeout' and that the pattern could fail. Near term I'll watch for resistance near .9520 (trendline and 50% retracement). The short side would be viable if price responds to that level.

For more ideas and anaysis, please visit SB Trade Desk.

NZDCAD 4 Hour

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