Oh I like this setup very much and let me tell you why:)
- We are trading with the trend and nicely moving towards the previous weekly lows;
- On the 12-hour time frame, we have a bearish engulfing candlestick developing, which is always a nice higher time frame indication to support the trade move.
- On the 4-hour time frame, we have strong resistance and the uptrend is now being attempted to be broken with a bearish engulfing candlestick pattern.
- If we will manage to break into a new 12-hour low, the trade could drop further down.
- Hedge funds are selling NZD heavily, while CHF is slightly bought.
- We are trading with the trend and nicely moving towards the previous weekly lows;
- On the 12-hour time frame, we have a bearish engulfing candlestick developing, which is always a nice higher time frame indication to support the trade move.
- On the 4-hour time frame, we have strong resistance and the uptrend is now being attempted to be broken with a bearish engulfing candlestick pattern.
- If we will manage to break into a new 12-hour low, the trade could drop further down.
- Hedge funds are selling NZD heavily, while CHF is slightly bought.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.