NZDCAD, Daily
Yesterday I wrote how Target 2 for AUDCHF remained “within reach as the gold rally continues; earlier today it breached the key $1200.00 level”. Although gold drifted back from that key level overnight, target 2 for AUDCHF (0.7580) was breached for a further gain of 90 pips and making the total net gain for the trade 169 pips.
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.
https://analysis.hotforex.com/ has had a good start to 2017 with all four trades achieving at least target 1 for a total net gain of 736 pips.
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Stuart Cowell
Market Analyst
HotForex
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