NZDCHF trapped in a triangle where the next destination for price is DOWN. We can expect price to drop to 0.67300 with enough selling pressure and hopefully a retest of broken support.
NZD/CHF croke out of channel. There is the possibility that it is making an "A" wave leading diagonal, which would then correct upwards further correcting a 5 wave, or it could be making a wave 4 correction to go down. Considering how close to the low it came and the corrective price action it made, I feel like it will break it. I will update you if I happen to...
Hey guys,
I'm going to give another try with this NZDCHF -0.86% long trade since I got stopped out last one. The wave count has change and it looks wave 5 has ended and found support. I will long this trade as directed in the chart. Please see chart for more details and comment down below if you have any question or suggestion.
A potential bullish bat pattern is completing very soon with RSI at oversold level.
PRZ is also at a good support level.
However, we still need to see some price or RSI retracement upon pattern completion to decide.
R:R at about 1.7. Good luck and have a good week ahead.
Expecting the pair to push down all the way and retest the 0.6800 psychological level which also coincides with the 78.6% retracement of the previous impulse (see updates section)
It's giving a nice triangle correction, and triangle corrections tend to precede the final actionary wave so this would make perfect sense as we're setting up for wave no.5 even though...
Simple trend analysis, making higher highs & lows. Double bottom to daily resistance, now watching for a break of the counter trend line & retest for buy opportunities. Lets see how it plays out this week!
Price broke out of its initial downtrend, now making higher highs & lows. Another touch to the daily uptrend line is possible before a continuation to create a new higher high!
0.705 Resistance zone
Waiting for more signs of rejection candle to shows signs of weakness.
Looking at the next support zone for taking profit.
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