NZDCHF has broken above the 50 and 200 EMA and has been in a consolidation for quite a while.
As it finds its support and confirms it, we can expect a move higher up.
This is a very probable continuation pattern.
To be entered within the next 8-16 hours if everything goes as expected.
*I'd personally let this short term push up happen and wait for the low test after it, which will confirm that it can't go down, to enter in the long term up move.
*Keep in mind that if the low test fails, then we would love for either a complete reversal back down or simply a dip down for a push back up. The more data we get, the more confirmation we'll have as to what will happen.
Trade safe.
As it finds its support and confirms it, we can expect a move higher up.
This is a very probable continuation pattern.
To be entered within the next 8-16 hours if everything goes as expected.
*I'd personally let this short term push up happen and wait for the low test after it, which will confirm that it can't go down, to enter in the long term up move.
*Keep in mind that if the low test fails, then we would love for either a complete reversal back down or simply a dip down for a push back up. The more data we get, the more confirmation we'll have as to what will happen.
Trade safe.
Trade active:
Price is holding strong on the 1H chart and isn't able to go down. We can expect a push up to happen followed by a low test / consolidation zone for a push higher up after confirmation.
Comment:
It has done the push up, now buy on the low test (Prices going down but finding support successfully).
Comment:
Keep in mind that you can temporarily close your trade and open it back once it shows good signs that it can continue up further.
There are 2 possible scenarios in this situation.
1- If prices hold strong above the 50 EMA, then the up move higher up is valid.
2- However, if we see the price failing to be strong above the 50 EMA and bouncing back up on top of it but rather consolidation under it, then we will see a reversal back down.
The reason why I always explain to wait for a good confirmation then enter the move. The reason why I said earlier that I would only enter in a low test after it successfully pushes up. One thing is fore sure, we will have a clear confirmation of it's next direction within the next 8-16 hours.