{"id":92708,"date":"2016-07-11T07:14:11","date_gmt":"2016-07-11T11:14:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=92708"},"modified":"2016-07-11T07:14:11","modified_gmt":"2016-07-11T11:14:11","slug":"short-term-trading-idea-fx-nzdcad-bull-speculation-expected-growth-after-a-bounce-to-the-trend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/07\/short-term-trading-idea-fx-nzdcad-bull-speculation-expected-growth-after-a-bounce-to-the-trend-line\/","title":{"rendered":"Short-term trading idea FX NZD\/CAD \u2013 bull speculation: expected growth after a bounce to the trend line"},"content":{"rendered":"
July 11, 2016<\/div>
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By Vladislav Antonov, Alpari<\/b><\/p>\n

Trading opportunities for currency pair: the NZD\/CAD is at the upper limit of the upward trend channel. It”s worth buying from the trend line with 0.9585-0.9663 targets. Example purchase level \u2013 0.9345 (23.6% from 0.8693 to 0.9548). Growth to cancel with a break of the trend line (daily candle closes below this line.<\/strong><\/em><\/p>\n

On Thursday and Friday the NZD\/CAD rose 3.13% (+289 points). On Thursday, 7th<\/sup> July, the NZD received support from Standard & Poor’s decision to downgrade Australia”s credit rating (AAA) from stable to negative due to political uncertainties.<\/p>\n

On Friday the New Zealander strengthened due to falling oil prices after strong US labour market data. Job creation in the non-agricultural sector was up 287k against a 170k forecast.<\/p>\n

May”s NFP was reassessed down from 38k to 11k. April was reassessed to 144k from 123k (last month it was reduced from 215k to 208k). The total reassessment was a reduction by 6k. Unemployment rose by 0.2% to 4.9% (forecasted: 4.8%, previous: 4.7%).<\/p>\n

The NFP report gave short-lived support to the dollar. Traders used the strong data to sell up since the data wasn”t enough to affect the Fed interest rate decision in July.<\/p>

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Baker Hughes” report interfered with oil prices rising. For the week ending 8th<\/sup> July, the number of all drilling rigs increased by 9 to 440. Annualised: this is a fall of 423 rigs. The number of oil rigs rose 10 to 351. Gas rigs rose one to 88.<\/p>\n

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NZD\/CAD daily graph<\/p>\n

The NZD\/CAD is in an upward trend and has been since the end of April. The price is nearing the 0.9572 maximum from 29th<\/sup> December. Due to the reduction in Australia”s credit rating, demand for NZD will be higher than that for AUD.<\/p>\n

I expect to see a fall in the NZD\/CAD. It”s worth buying from the trend line with 0.9585-0.9663 targets. Example purchase level \u2013 0.9345 (23.6% from 0.8693 to 0.9548). Growth to cancel with a break of the trend line (daily candle closes below this line.<\/p>\n

Article submitted by Alpari.com<\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Vladislav Antonov, Alpari Trading opportunities for currency pair: the NZD\/CAD is at the upper limit of the upward trend channel. It”s worth buying from the trend line with 0.9585-0.9663 targets. Example purchase level \u2013 0.9345 (23.6% from 0.8693 to 0.9548). Growth to cancel with a break of the trend line (daily candle closes below […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-92708","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=92708"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92708\/revisions"}],"predecessor-version":[{"id":92717,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92708\/revisions\/92717"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=92708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=92708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=92708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}