Description
⋅ Evening,
Today’s analysis, NZDCHF respecting the 2.618 Fibonacci Extension with the next projected trade location at structural resistance
Points to consider,
- Oversold bounce recovery
- Structural resistance retest
- 21 MA breached
- RSI swing low failure
NZDCHF’s oversold bounce recovery is projecting structural resistance to be tested.
A bearish retest is likely at this level where a short trade is plausible.
The 21 MA has been breached; a back test is probable if price is rejected from structural resistance.
The RSI has a valid swing low failure; this solidifies the strength of the bounce back into structural resistance.
Overall, in my opinion, NZDCHF is on track for a bearish retest. A short trade at this level is valid with defined risk above recent swing high.
What are your thoughts?
Please leave a like and comment,
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager