Oh I like this setup very much and let me tell you why:)
- We are trading with the trend and nicely moving towards the previous weekly lows;
- On the 12-hour time frame, we have a bearish engulfing candlestick developing, which is always a nice higher time frame indication to support the trade move.
- On the 4-hour time frame, we have strong resistance and the uptrend is now being attempted to be broken with a bearish engulfing candlestick pattern.
- If we will manage to break into a new 12-hour low, the trade could drop further down.
- Hedge funds are selling NZD heavily, while CHF is slightly bought.
- We are trading with the trend and nicely moving towards the previous weekly lows;
- On the 12-hour time frame, we have a bearish engulfing candlestick developing, which is always a nice higher time frame indication to support the trade move.
- On the 4-hour time frame, we have strong resistance and the uptrend is now being attempted to be broken with a bearish engulfing candlestick pattern.
- If we will manage to break into a new 12-hour low, the trade could drop further down.
- Hedge funds are selling NZD heavily, while CHF is slightly bought.