From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.
NZDCAD since September 2015 year is moving up. As a result of increases in October last year pair defeated a very important resistance at 0.9600, but these increases were quickly negated. Currently, we are below this level, and in the near future we can expect a retest of the bullish trend line.
Looking on the daily chart we notice that due to the recent increases market very carefully tested earlier resistance at 0.9650, which coincides with the measuring 61.8% Fibonacci correction. There also emerged a strong reaction from supply side and in near future we can expect continuation of declines.
On the 4-hourly chart we see that less than two weeks ago market beat support level 0.9470, and although this level has not been accurately tested later from the bottom (as resistance) a bearish response had already appeared around 0.9450.
Thus, if the decline will continue, we expect to retest the aforementioned growth trend line although first reaction of bulls could occur already in the area of last week’s lows (0.9350).
Looking at the H1 chart we see that the market for four days moves in a consolidation. Currently fifth time we are in area of local support 0.9391 coinciding with the measuring of 61.8% Fibonacci correction of previous increases. Overcoming this level, which from a technical point of view, seems increasingly likely could pave way for further declines.
BDSwiss offers its customers a sophisticated and reliable tool to invest in the market CFD / Forex. Especially novices can result in the safe introduction into the world of financial investments. The educational program of seminars and live comments market traders meet the expectations of those who want to learn how to invest successfully, which is building a great partnership between BDSwiss and its customers.