Overnight we have the RBNZ interest rate decision and monetary policy statement. Governor Orr recently said he sees signs of more normalised rates on the horizon. The single currency basket highlights limited buying pressure for NZD.
NZD/CAD - we have seen a sustained rally from the 0.8066 swing low. The 361.8% extension level from 0.8066-0.8109 is located at 0.8222. Elliott Wave enthusiasts may look to this as the 5th wave completion. That would dictate that we would then see a choppy 3 wave pattern to the downside.
Bespoke resistance is located at 0.8225.
An ending wedge highlights limited buying pressure for the cross.
The focus will be on the previous order block from April 3.
If this trade plan is not executed before the interest rate decision at 2am GMT, please cancel.
Selling at 0.8224
SL: 0.8247
TP1: 0.8138: 3.95R
TP2: 0.8085: 6.04R
#tradeplan #NZDCAD
NZD/CAD - we have seen a sustained rally from the 0.8066 swing low. The 361.8% extension level from 0.8066-0.8109 is located at 0.8222. Elliott Wave enthusiasts may look to this as the 5th wave completion. That would dictate that we would then see a choppy 3 wave pattern to the downside.
Bespoke resistance is located at 0.8225.
An ending wedge highlights limited buying pressure for the cross.
The focus will be on the previous order block from April 3.
If this trade plan is not executed before the interest rate decision at 2am GMT, please cancel.
Selling at 0.8224
SL: 0.8247
TP1: 0.8138: 3.95R
TP2: 0.8085: 6.04R
#tradeplan #NZDCAD