NZDCHF Buy Idea
D1 - Big double cycle and triple cycle completed, we may now expect the price to reach the 38.2% retrace of the double cycle and 50% retrace of the triple cycle. Two trend lines and bearish hidden divergence has formed.
H4 - Bearish divergence, price is respecting the 100 fibo level.
H1 - Three false breaks and bearish divergence. If we get a break below 168.65 (approx) should provide us short term pullbacks.
The 38.2 fibo retracement, the uptrend line and the level where the breakout of the range happened coincides on the same zone.
We may now expect price to move lower in the form of double wave down and once it reaches this critical zone, we can go long with the breakout of the most recent downtrend line.
H4 - Bearish divergence, price is respecting the 100 fibo level.
H1 - Three false breaks and bearish divergence. If we get a break below 168.65 (approx) should provide us short term pullbacks.
The 38.2 fibo retracement, the uptrend line and the level where the breakout of the range happened coincides on the same zone.
We may now expect price to move lower in the form of double wave down and once it reaches this critical zone, we can go long with the breakout of the most recent downtrend line.
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