in this set up, i see a head and shoulder pattern, if we look at the 2H or 4H timeframe, we can see its still in the bearish trend, and thats why i decide to go short. please dont follow my set up blindly. im still a learner too.
A possible new short position on NZDCHF can be opened considering that the pair didn't managed to continue with the bullish channel. The stop loss at 0.65515, while the first TP at 0.63975 and the second TP at 0.62620. The break of the support at 0.64580 equals a continuation of the bearish momentum.
An important fact to consider is the stronger demand for the...
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As you can see NZDCHF is forming lower lows and lower highs. Price is currently making a retracement. Price should make a retracement to the marked resistance area from where we are looking to enter a short position all the way down to the marked area.
Hey traders, here is the analysis for the NZDCHF. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks. NOTE - Please do your own analysis before taking the trade.
H2 time frame.
The price formed a retracement wave and retested the 0.64500 resistance.
After forming a new high, the price immediately down sharply with the upward momentum also weakening.
Waiting for a candlestick pattern to appear, NZDCHF can be sold.
The profit target is the 0.63600...