Without factoring OPEC/Oil issues, pure technical analysis of the the NZDCAD indicates on the weekly; that this pair is ready to rollover- to the short side. Price Efficiency Factor indicator has turned downward on weekly 2 days in a row. This pair has not turned short on the weekly since April 2016.
The daily chart shows price entering into a range on the ( MAADX- Moving averages and ADX); however momentum has already turned to the downside for this pair on the daily as well. So I will be monitoring a possible long term short trade based on the following: 1) Turn of MAADX to red on the daily chart, 2) A sustained break of support at 0.92811. In the short term, a break of current support at 0.94003 will accelerate this move. Price can drop to as low as 0.9049 on a fall through.
The daily chart shows price entering into a range on the ( MAADX- Moving averages and ADX); however momentum has already turned to the downside for this pair on the daily as well. So I will be monitoring a possible long term short trade based on the following: 1) Turn of MAADX to red on the daily chart, 2) A sustained break of support at 0.92811. In the short term, a break of current support at 0.94003 will accelerate this move. Price can drop to as low as 0.9049 on a fall through.