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🟢Forex Pair: NZD/CHF
⚪Technical Analysis: Let's start talking about the weekly perspective, the price has been following a strong uptrend, creating a rising wedge pattern started at the end of March 2020, the price is actually around the dynamic resistance of that pattern.
In the daily chart, since the end of October, the price got a strong impulse on the dynamic support of the rising wedge (see the level at about 0.59593), it moved up reaching and retesting the weekly trendline.
In the h4 chart, we can see the price getting a double rejection on the support level at about 0.62338, and since that moment it started a clear ascending channel (many rejections on the dynamic S/R level of the channel are an extra confirmation on this pattern). On the 6th of January, the price reached again the weekly trendline and it retested the same zone more times without breaking it. The next price action around this zone will be essential to understand the next market movement.
🔴Conclusion: ✔️ The price has actually reached the dynamic support of its ascending channel, at the same time we can see the price retesting a previous daily support level at about 0.63739. I'm confident to see the price grows with a bullish scenario, trying to reach the channel's resistance. If the price will show us a clear rejection, we could definitely start planning a long position!
Stay tuned for Updates and Trading Signals! What's your opinion? Share your idea writing a comment!
@Karzon, Hi and thanks so much for your feedback! I really appreciate that and hopefully you'll love all my works!:)
TheSignalyst
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unless it breaks below the zone right ? :)
FXtrades-gp
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@TheSignalyst, yep Rich, I woudn't open any long trade under the level 0.64100, so it will break and confirm a breakout under the channel, my trade wouldn't be valid anymore :) Thanks so much for your feedback!
Mahtab_Tradia
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Good job, thanks mate!
FXtrades-gp
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@Mahtab_sh, thank you so much! :)
Investroy
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Cheers for sharing with us, keep going!
FXtrades-gp
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@Investroyllc, Really appreciate your feedback, thanks a lot! :)