1. NZDCHF is currently held resisted at the 0.59675 level. This level is very significant as it marks a huge supply origin on April 30th and serves as an inflection point supported on April 29th.
2. We're currently seeing this level hold up. You'll notice that we're not seeing large bullish candles, but rather alternating red and green bars. On a lower time...
We've broken down to a horizontal support/resistance line and adding the third point to the ascending trend line. We were also oversold on the RSI.
This could be a good buy opportunity.
A breakout to the downside with confirmation on the MA Cross and sentiment change. TDI Baseline starting to decrease from an over bought position. Also looking like a double top on H1.
The content here is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent trading decisions.
NZDCHF expected to rise up to 1st resistance at 0.59949 where it could potentially react off and drop down to 1st support at 0.58698
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Willing to enter long in green area with marked targets and stop loss.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
We've broken above a key support/resistance area. If we successfully back test this line, I'd be more comfortable with a buy. HOWEVER, given this is our 5th time around, I would definitely keep a close eye on it or tighter than usual stops.
NZDCHF is currently testing a key trend line with 3 reactions. It is also at the 50 Fib extension line. If we can break above and retest, it might be a good opportunity to jump into a buy. Otherwise, if we have two closing red bars on the 4H, I'd be more inclined to sell.
Plan : trendline and support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing , pinbar etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make...
