NZDCHF Local S/R| Swing Low|.382 Fibonacci| Price Action
Evening Traders.
Today’s analysis- NZDCHF- trading below a key trading location where a bearish retest is probable,
Points to consider,
- Price action impulsive
- Local S/R Resistance
(.382 Fibonacci Confluence)
- Swing High Objective
- Oscillators Neutral
NZDCHF’s immediate price action is impulsive below Local S/R that is in confluence with the .382 Fibonacci, this allows for a bearish bias.
The swing high is current objective; price action taking this level out will increase the probability of further downside.
Both oscillators are trading above their range-mid; a larger correction will entail them back to bearish control zones.
Overall, in my opinion, NZDCHF is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”
― Richard D. Wyckoff
Today’s analysis- NZDCHF- trading below a key trading location where a bearish retest is probable,
Points to consider,
- Price action impulsive
- Local S/R Resistance
(.382 Fibonacci Confluence)
- Swing High Objective
- Oscillators Neutral
NZDCHF’s immediate price action is impulsive below Local S/R that is in confluence with the .382 Fibonacci, this allows for a bearish bias.
The swing high is current objective; price action taking this level out will increase the probability of further downside.
Both oscillators are trading above their range-mid; a larger correction will entail them back to bearish control zones.
Overall, in my opinion, NZDCHF is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”
― Richard D. Wyckoff