NZDCAD Long-Short or Long and Short?

28 Apr 2023

On NZDCAD, we have the price located in the 0.8375 area. According to my view, there are three possible scenarios, two bullish and one bearish. The first aims at a break of the supply zone in the 0.84200 area. The second scenario aims to wait for a retracement of the price in the 0.82900 area, where there is a very effective demand zone that has generated further demand within it, which will be our entry point in case the market goes down. Finally, the last scenario expects the price to bounce off the supply zone before falling to the demand zone.

Let me know what you think.

Good trading to everyone, bye.