General weakness in NZD. Short the break of the trendline.
Waiting for the price action to break this trend line and continue to the downside. We have a sell pending order placed at 0.68730
OANDA:NZDCHF I have been watching this pairs closely today. They have reached an important price from which it can breakout UP or DOWN. I am kind of into a bearish movement which will be executed over different stages as illustrated on the chart. If it broke above the current resistance then it will try to hit 0.70700 and from here a different scenario might be adopted.
price broke through daily key level currently forming a small flag pattern this can also be a retracement move back to the daily at 0.72400 on both ideas i think price will fall down to the monthly support where it will either bounce or break monthly level (0.71700) can reject price and keep it in the same range
Chart speaks for itself :)
Been a long time since my last idea update, wish I had more time to post, but here it is! I caught this one a bit late short from .7093 Target is at .382 retracement of CD leg Stop above 113.00 Ext. of AB
Pretty simple trade o see every NZD finally going down but i chose to go ahead with NZDCHF because the reversal seems the most beautiful one! Now I will be holding long term till that 0.70 area =)
Nzdchf Daily Strong Resistance level 0.7170 so advice Selling area 0.7120-0.7170 SL above 0.7230 TP 0.6950
POSSIBLE DOUBLE TOP ON MAYOR RESISTANCE LEVEL OR .618 RETRACEMENT LEVEL ON THE FIBONACCI LEVEL
Adding to my short position from my previous NZDCHF post Adding based off the red trend line bounce and the potential double top formation in the green rectangle Target zone is still the white rectangle zone at the bottom at the end of the AB=CD move (black lines) MACD bearish divergence is displayed with the contrasting red and green trend lines