NZDCAD bearish continuation likely … the week of 05 Aug, 2024First of all, if you expect that every trade will be a winner, please move on. Don’t even bother to read this analysis.
This pair has been mostly bearish since mid-June with a pullback during the last few days. In my opinion this pullback will soon end and if I see evidence of that I’ll be taking a short trade.
Note that the 38.2% retracement level and the 200 dma are already trying to contain the current up move. The bulls can still push through to the 50% or even the 61.80% levels, so I am going to be watching the PA closely. A momentum move above the 61.80% area will negate my analysis. Let’s see how this plays out.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
