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NZD and CAD Approaching the 0.9630-0.9560 Resistance Area

Forex
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 Tuesday, April 25, 2017 02:39 PM / Meristem  

Fundamental Indication: 

NZD: The New Zealand Dollar rose against some of its counterparts as the Consumer Price Index (YoY) (1Q) released Friday, April 19, 2017 pegged at 2.2% against a forecasted 2.0%.

CAD: The Canadian Dollar fell against some of its counterparts as the Consumer Price Index (YoY) (MAR) released Friday, April 21, 2017 pegged at 1.6% against a forecasted 1.8%. It also fell further reacting to news that the US would slap tariffs on softwood lumber imports from Canada. The Commerce Department later said it would impose a “countervailing duty” of between 3% and 24% on Canadian lumber exporters. Commerce Secretary Wilbur Ross said total duties would amount to about a billion US Dollars annually (source: dailyfx research).

Technical Analysis:

The pair is approaching the 0.9630-0.9560 resistance area. The pair has been trading within a range which offers opportunities for swing traders.

Scenario 1: 

·      If the pair reaches 0.9630-0.9560 resistance area with a bearish candlestick confirmation, we advise a “SELL”.

·         Stop loss at the high of the bearish candlestick

·         Profit target at 0.9426 resistance level

·         Second profit target at 0.9299

Scenario 2: 

·         If the price breaks above the resistance area with a pull back and a bullish candlestick confirmation, we advise a “BUY”. 

·         Stop loss at the low of the bullish candlestick. 

·         First profit target: 0.9830.  

Enter Into The MARKET

MERI FX Team   

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