NZDCAD 1,200pips Potential...

NZDCAD has been in a surging uptrend for over 4 years now, not because of the strength from the part of the New Zealand dollar but the uptrend could be credited to the weakness experienced by the Canadian Dollar for over 2 years now. Lately, NZD is not among the strongest currency out there, and conversely CAD is beginning to build real strength lately. A quick look at the NZDCAD on the WEEKLY chart shows a market that seems to have met with a rock up there and as such, ready to take a dive off the cliff for a real ride. Still on the weekly chart of NZDCAD, a quick look at the blue space on the chart shows we could be in for yet another 500pips crash and then we should see a minor correction from the support area. Our ultimate target for this particular trade set up is the june 2013 support which is where we expect this weekly M-Formation pattern to complete which should have us bank about 1200pips from current market price.

On the daily outlook of NZDCAD, we already have about four positions running. First position was initiated about a month ago and consequently, other opportunities did show up to have our add on positions initiated. Rationale for initiating our short positions are quite simple and perhaps straight forward. 1. From the weekly chart, we could see a sexy double top with an indecision doji, suggesting the buyers were scaling out and sellers ready to bounce on it hard. 2. on the daily chart, a beautiful rising wedge pattern which i love so much, and also series of price action combos all combined together formed the basis for our bias and so we are short and up about 1,500pips combine with the highest leg of the positions being 360pips from current market price. Thats still very little compared to yet another potential 1200pips to be banked from current market price. For updates on how we have been managing this trade and other trading opportunities like this, don't hesitate to join the PremiumHandle of Forexinsaitz to take advantage of the great services that awaits you. Also you can find us on our facebook page, www.facebook.com/groups/forexinsaitz . A great pipful days ahead is wished everyone.