Forex: Long term "Sell" for NZD/CAD




Time Frame: D1

 Technical analysis: The chart shows a clear bearish trend channel starting on 09.11.16. The price has repeatedly attempted to break through the channel's resistance but without success. On March 21 2019 the price once again reached the long-term resistance, again failing to break through it and formed a candle "Spinning top". This candle can be seen as a signal to reverse the movement, especially when there is a strong resistance.

Indicators: The price is over 50 and 200 EMA as they play a supporting role.

DeM - in overbought values ​​and supports the "sell" scenario.

Entry into Deal: From current levels

SL: 0.9270

Target: The long-term target of the deal is around 0.8330

Alternative scenario: If the price breaks long-term resistance and makes a daily "close" above 0.926, it will continue to rise.


 Trader Milko Zashev

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