in the case of reaching to the resistance point(yellow circle) you can enter the short position.
1.there is a resistance of pivot point
2.61.8 fibo EX(GOLDEN RATIO)
3.61.8 fibo RET(GOLDEN RATIO)
4.bearish hidden divergence
5.finishing of bullish E wave and starting of bearish 5th wave
6. static RESISTANCE
7. Dynamic Resistance
8. GAN resistance
MACD line just crossed below SIGNAL line -> beginning of a BEARISH DOWNTREND
RSI 14 is going down and it is far away from being oversold.
CHF/ZAR price seems to be already in a retracement which will probably end in the vicinity of the support
Please, maintain proper position sizing and risk management!
Not a financial advise
The blue zone is my area of interest. I want to see price rejected on the daily or H4 and if that is satisfactory will take the short. The yellow zone are potential targets. Will update when i take the trade.
We were spot on with our last two trades on this pair and I believe another round is on the table. This is riskier than usual as the main trend is still upwards.