I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
NZD/CAD: trend collision
Information is not investment advice
The NZD has been frequently appearing in the “Best performers” list lately. That is because New Zealand, similar to Australia, managed the virus pretty well and is lucky to be among the first countries to get out of the hibernation state together with China.
Although the NZD/CAD, particularly, presents a volatile picture, still we see that the NZD keeps fighting and has been doing that pretty well. The short-term picture is oriented sideways and at the very least gives the same hope for bulls as the bears may take. Note that the Moving Averages have started to reconfigure themselves in ascending order during the last week, which indicates an intention to rise. Fair enough, what is the long-term layout then?
One-year horizon gives a different scenario. Generally, the NZD/CAD is in decline. The volatility is there, but the downturn is pretty consistent, although not without intermittent upswings. The very last episode, apart from a highly volatile earthquake-like behavior, gives a bullish impression. That trend collides with the larger downward trajectory almost exactly where the currency trades now. That suggests that we will see, first of all, further volatility as the two trends will be fighting to impose one of another. Secondly, we are still likely to have NZD/CAD keep losing value in the long-term as the fundamentals suggest. However, the short-term picture is probably going to be sideways, as it appears from the H1 chart.
Resistance: 0.8510; 0.8550
Support: 0.8430; 0.8390
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus