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RLinda
May 22, 2023 7:54 AM

NZDCHF → An attempt to change the trend can be successful Long

New Zealand Dollar/Swiss FrancFXCM

Description

NZDCHF forms a trend reversal. The price forms an upward price channel after breaking bearish trend resistance.

A technical pullback to the important support 0.56200 is forming on the chart. If the bulls hold this zone, the price will test the support area of the uptrend and continue its direction to the upper border of the range.
False breakout of the support area is possible.
MA-200 and MA-50 play a role of support in the current situation.

Strong support: 0.56200, uptrend support
Strong resistance: the area of 0.56500, level 0.5676.

I expect a bullish reaction after testing the support area. Most likely, the price will form a rebound from 0.56202 and go towards 0.57493

Regards R.Linda!

Comment


The scenario is developing positively
At the moment we see a bounce of the price from the level 0.56202
Comments
StewySongs
Well done.
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UnknownUnicorn52780235
Thanks Linda for great chart
DAY_PROFITS
Very interesting analysis . Thanks !
jpeacockfx
Lovely job. Best of luck!
TheSignalyst
I always appreciate this kind of trend-following setups! the trend is your friend ;) until it isn't!
FOREXN1
Interesting scenario here !
TradingShot
Taking into consideration the market conditions, your forecast should work quite well. Great work.
TradingBrokersView
Well done. Keep enriching our community with more quality posts!
TheCryptagon
Quality post. Your contribution here is invaluable.
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