NZD/USD To make a small 20 pips Correction before moving Higher
TA Based on Candle Stick Patterns, Support & Resistance, Moving Avarage and Trend Lines.
Simple Clean Charting.
Price now at previous support now being tested as new potential resistance lining up with broken structure & the 61.8 fibonacci retracement. Will watch for a reversal candlestick off this zone, or break of the counter trendline to signal a downtrend continuation.
Support on top of 50 EMA seems to have been found after having broken it on the 4H chart.
If prices hold strong on top of the 50 EMA, we can see an upwards break of about 100 pips for the first wave.
Trade safe.
The price made a Double bottom on the weekly support, broke the 4h downtrend line, broke the consolidation with a strong bullish push. I`m waiting for the price retraction to go long!
On the H4 chart of NZDCHF, it seems that the price has finished the 5 waves of a bearish cycle, with recently formed AO divergence on the 5th wave. I expect a correction to start within ABC zigzag. LONG.
H4 - Price has reached the bottom of the bearish channel.
We have a critical zone that has formed slightly below the bottom of this channel.
If the price moves lower and reaches this critical zone, we may then start looking for buys with bullish evidences.
Possibly just a scalp. I would expect a larger reversal pattern to form if we are going to get the deeper retrace. Still above the 1.236 extension and .618 level (Refer to my weekly chart). But we are at the trend line of wave channel along with a more major pitchfork and when I measure and count out the 5 waves down I see it at a spot for 2 possible 23-38%...
NZD/CHF slumps to 29-month lows at 0.6454, trades with a major bearish bias.
Major trend is bearish, signs of minor pullback seen as mometum indicators approach oversold territory.
The pair is holding minor support at 0.6455 (falling trendline). 21-EMA is stif resistance. Break above could see extension of upside till 50-DMA.
Support levels - 0.6455 (trendline),...
It is at the first fork. Small ending diagonal 1hr. But there are 2 ways I can label this 5 wave, this is one where we would get an ending diagonal, or shortening of impulses as a wave 5 so keep that in mind. There are a lot of levels for price to hit so I would recommend being careful and patient for an attempt at a large up move, we are in a strong downtrend and...
I will post the daily in a moment to show you the 5 wave measurements it is currently on. Notice the divergence, the .618 level and the 1.236 extension of potential WXY pattern. Do not trade this chart. Please refer to the daily chart I post in a moment for potential setup.
H1 - We may now expect short term pullbacks towards the critical zone.
Once the pullback completes itself look for evidences of bearish pressure and then start looking for sells.
Invalidation: If the price moves higher and breaks above 0.6530 then this setup would be invalidated.
