Bab 45 NZDCAD Channel is down will it continue?
04/01/2023
Summary
Canadian dollar economic news leads the market
Fundamental analysis
The Canadian dollar is rising since the end of the last year Supported by oil prices rising during the winter season also yesterday we have Economic news on the CAD Manufacturing PMI come with positive results at 49.2 Better than the previous month Also we have news coming on Friday unemployment rates on the CAD, On the other hand, we don't have that much news this week for New Zealand Dollar and we know New Zealand from the end of last year is showing weakness Because of central Bank of New Zealand take action toward it.
Canada Manufacturing PMI
Previous 49.0
Actual 49.2
Canada Unemployment Rate
Previous 5.1%
Expected 5.2%
Technical analysis
We can see in the one-hour chart diagram Market price is moving in a channel to the downside
yesterday we witness the breakout at 0.85390 and the price moved down to the previous demand zone at 0.84610 and then pull up at the previous support zone at 0.85630, We expect the price to continue down in this down channel And break the previous demand zone With 20 moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 0.85215
Target Price: 0.84151
Stop Loss: 0.86043
