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NZDCAD a strong rally to Target 1 and 2

Market Analysis

NZDCAD, Daily            

Last Friday (January13) I identified the continued strength the New Zealand and Australian dollars was experiencing and wrote..” NZD and AUD strength continues, and NZDCAD looks very interesting. The pair formed a tweezer bottom on Monday (December 9), broke and closed above the key 200 DMA on Wednesday (December 11) and yesterday (December 12)  broke, breached and closed above the 20 DMA, the Parabolic Sar turned and a LONG position was opened last night’s close 0.9331. The longer term Monthly trend remains positive and the Weekly trend found support last week at a key July 2016 low (0.9206). The daily chart trade is with the longer term trend, so target 1 is north of the 14 DATR and around the 50 DMA at 0.9440. Target 2 is at the 50.0 Fibonacci retracement level of the recent down move from November 6 high (0.9920) at 0.9560.  The RSI at 56.34 is bullish and rising.”

This trade has rallied strongly though to target 1 on Wednesday (January 18) and to target 2 late yesterday (January 19) for a total net gain of 229 pips.

https://analysis.hotforex.com/ has had a 100% start to 2017 with all five trades achieving both Targets 1 and 2 for a total net gain of 1133 pips.

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Stuart Cowell

Market Analyst

HotForex

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