NZDCHF About to break the 1D MA50 towards a new High.

The NZDCHF pair has been trading within a long-term Channel Down pattern since the February 25 2021 High. The last Lower Low on the Channel took place on July 01 2022 and that Low was re-tested on August 29, which held, making the Support so far a Double Bottom.

The 3 day rebound is now testing again the 1D MA50 (blue trend-line) for the 4th time in the past 2 weeks with strong probabilities of breaking out not just due to the Double Bottom but also due to the 1D RSI and MACD indicators. Those show that the current rebound is similar to the one that started on February. A break above the 1D MA50 can kick start the new bullish leg to the Lower Highs (top) trend-line of the Channel Down. Moderate target would be the 1D MA200 (orange trend-line).


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