Forex $1 MM Challenge - Trade #26 (1-31-20) Bought NZD/CAD by rollandthomas

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hive-167922 · @rollandthomas ·
$0.74
Forex $1 MM Challenge - Trade #26 (1-31-20) Bought NZD/CAD
<center>![](https://cdn.steemitimages.com/DQmYYufoDhBCE5k3AHsMQJ79tfRKGZFdhx4NPNLNCmXaooq/image.png)</center>

China extended its Lunar New Year holiday and more big businesses shut down and told staff to work from home in an attempt to contain the spread of coronavirus. One thing is for sure, consumption in China is already taking a hit.

As a result, the New Zealand dollar declined further.  Former Bank of New Zealand chief economist Tony Alexander said the virus will mean a drop in Chinese tourists and because consumption in China is down and will continue to decline, at least short term, New Zealand’s economy is surely to feel that pain. 

The virus is also affecting global consumption as well.  A potential risk to Canada’s economic outlook could be a slowdown in the global economy due to virus as well.  A slowdown in the global economy, means less demand for oil, which means a slow down in Canada. 

I’m closing out January with four losing trades in a roll.  I’m still in a GBP/CHF short, but price still lingers near my entry point.  Thus, I have decided to reduce my risk for February.  I originally wasn’t going to take this trade, but my commitment this year was to take the trade if the set-up is there. 

So I went long the NZD/CAD.

Monthly Chart (Curve Time Frame) - monthly supply is at 0.96500 and there is no monthly demand, just support at 0.83500.

![](https://cdn.steemitimages.com/DQmYssvmxDcV6dBVBHPgKN8ktYAM6aPiPzx8pw8Z1u91H92/image.png)

Weekly Chart (Trend Time Frame) – the trend is down with upward momentum.

![](https://cdn.steemitimages.com/DQmUb5RmrmEbZZL4JHTz4JC9cYtErwn9PmrXP7BeuXGBnNn/image.png)

Daily Chart (Entry Time Frame) – the chart suggests to go long at the daily demand at 0.85250.

![](https://cdn.steemitimages.com/DQmRdiCtVvapTqQGFvyZ5mz8YqbZmAD3VjR6U6wXQQLTpQo/image.png)

![](https://cdn.steemitimages.com/DQmNTdeNesWaiHMY5AMQBgMkYpR6iwYVfobD7aK5HeMVTvC/image.png)


This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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