Chapter 32 Will NZDCAD Turn back down?
09//10/2023
Summary
Unemployment rates lead the market
Fundamental analysis
Fundamentally on this pair, we saw the data release unemployment rates in Canada were positively better than the market expected at 5.5 unchanged giving the Canadian dollar strength, On the other hand, we witnessed the New Zealand dollar gaining strength in a short period of time for the previous positive data released.
Canada Unemployment Rate
Prev.: 5.5%
Fcst: 5.6%
Act.: 5.5%
Technical analysis
In this 4-hour diagram chart, the market price is now 0.81728 we expect the price to move up to the previous supply zone at 0.83000 and from there we expect the price to turn back down to the old demand zone at 0.80000 following the daily chart channel down (this supply zone is at the top of the channel) with 20 moving averages pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price:0.82597
Target Price:0.80536
Stop Loss:0.83658
