NZDCHF Strong buy opportunity on the 1D MA50.
The NZDCHF pair has been trading within a Channel Up pattern since the October 23 2023 Low. After breaking above the 1D MA200 (orange trend-line) for the first time in more than 1 year (since January 31 2023), the pair confirmed the trend shift from long-term bearish to long-term bullish. The recent 3-day pull-back to the 1D MA200 is a technical buy opportunity.
As long as we close 1D candles above the 1D MA50 (blue trend-line), this is a buy opportunity, targeting the top of the Channel Up and Resistance 2 at 0.55140. Notice how this is exactly on the -0.236 Fibonacci extension, which is the level that the November 29 2023 Higher High was priced at. Also the 0.5 Fibonacci retracement is the level where it double bottomed (November 17 2023) and started the rebound to the Higher High. We are at the 0.5 currently, which indicates a strong Support case.
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As long as we close 1D candles above the 1D MA50 (blue trend-line), this is a buy opportunity, targeting the top of the Channel Up and Resistance 2 at 0.55140. Notice how this is exactly on the -0.236 Fibonacci extension, which is the level that the November 29 2023 Higher High was priced at. Also the 0.5 Fibonacci retracement is the level where it double bottomed (November 17 2023) and started the rebound to the Higher High. We are at the 0.5 currently, which indicates a strong Support case.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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