Nzdchfshort
NZDCHF TO RESTEST AND FALL AGAIN
FX:NZDCHF - Price moved bearish and the corrected in a flat manner before breaking bearish again. Price is showing potential to hold on the support i have marked and then retrace at least 50% of the bearish move from when it broke from the flat correction before falling again.
Entry - Grey line
Take profit - Green line
Stop loss - Red line
Risk to reward - 1:2
NZDCHF approaching resistance, look out for potential reversal!
NZDCHF is approaching its resistance at 0.63148 where it is could reverse down to its support at 0.62119.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
NZDCHF approaching support, potential for a bounce!
NZDCHF is expected to drop to 1st support at 0.65686 where it could potentially react off and up to 1st resistance at 0.66132.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
NZDCHFPair reacted to the 50MA and continue its way lower. Since the 24th of June it made a big move upwards breaking he 0.659 area and that makes me be careful, the pair might gain strength again at the 0.651 area. If so we can trade both the corrective move and then the continuation to the upside.
MACD weakly supports the correction move .
4H chart shows both a H&S pattern and RSI losing strength as shown below.
NZDCHF SELL Management If you were not able to spot this trade out before it happened don't panic...Market has broken an CTL and it is moving down to .6500 which an area that the BULLS will look to push the price up. The BULLS were able to break the the initial ABCD swing on the 2hr however, there is a 2hr sub D ext at .6320 that you would need to keep and eye on. Long term I think CHF is going to have strength by the end of the week with a catalyst Daily D 1.618 ext .6350.
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