The NZDCAD Perfomance

This pair is bullish overall, currently retracing in a sharp pullback. Traders can interpret the pullback as bearish, however, the overall time frame has not been confirmed drop yet. Within the sharp pullback, we will attempt to take a short on the lower timeframes. The daily timeframe has been selected for analysis, with the price currently at support of 0.81743. The price needs to break below the support to be traded to the next level at the price point of 0.81059. A shallow pullback has already occurred, traders should be sharp and alert on the micro timeframes, as it is only a 65-pip move. 

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

EURNZD (WARNING!)

To all the adrenalin junkies in trading, this pair is at a very inconsistent place with specific zones to consider. The biggest reason why this pair is both educational and high risk is because it is currently in a rejection zone, price can react unpredictably. Price has created a low that has had two types of pullbacks, a shallow and a deep pullback.

We are currently seeing prices between 1.79043 & 1.74416. Traders can chase this high and low however, it would need to be monitored carefully because rejection can occur inside the zone and push price in the opposite direction. Above 1.79333 would be a possible long to target 1.82074. Below 1.73761 would be a possible short to target 1.71830.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Oil Update

Traders, please be aware that this is an update we are tracking oil carefully. Currently still in a retracement, we are seeing a flat and shallow pullback at this point with strong signals that the price could still climb as analyzed. The target is set at a price point of 87.457.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thoughts on Today’s Analysis

In conclusion, the analysis suggests a bullish sentiment for the NZDCAD pair, despite the current retracement in a sharp pullback. Traders are cautioned against interpreting the pullback as bearish on the lower timeframes, as the overall daily timeframe has not confirmed a drop yet. The support at 0.81743 is crucial, and a break below it may open the door to the next level at 0.81059. While a shallow pullback has already occurred, traders are advised to remain vigilant on the micro timeframes due to the relatively small 65-pip move. It is important to note that this information is provided for support, not as financial advice and strict risk management should be applied. Moving on to EURNZD, the pair is highlighted as both educational and high-risk, situated in a rejection zone with specific zones to consider.

The unpredictability arises from the current rejection zone, where the price can react unpredictably. Traders are urged to exercise caution as the price fluctuates between 1.79043 and 1.74416. Potential long opportunities above 1.79333 and short opportunities below 1.73761 are identified, with respective targets at 1.82074 and 1.71830. It is emphasized that this information serves as support for informed decision-making, not as financial advice, and strict risk management is crucial. Regarding the oil market update, traders are alerted to the careful tracking of oil, which is currently in a retracement characterized by a flat and shallow pullback. Strong signals indicate a potential climb, with a target set at a price point of 87.457. As with previous analyses, it is stressed that this information is provided as support, not as financial advice and risk management should be strictly applied by individual traders.