If in daily time frame it close candle above trend line we can put there a long trade.
Guys if you liked my ideas and if you want to share your opinion just put in comment box 😊
DISCLAIMER: This is my idea not any financial advise so trade at your own risk.
THANKS FOR YOUR SUPPORT
We’ve got two pretty tight potential support/resistance lines looking back at past reaction points. I’m inclined to think it might want to break up to the higher line before falling to hopefully retest the untested line as marked on the chart.
We also have slightly overbought conditions. It could become more overbought.
Today’s analysis, NZDCHF respecting the 2.618 Fibonacci Extension with the next projected trade location at structural resistance
Points to consider,
- Oversold bounce recovery
- Structural resistance retest
- 21 MA breached
- RSI swing low failure
NZDCHF’s oversold bounce recovery is projecting structural resistance to be tested.
Plan : resistance level breakout --> wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment...
NZDCHF rebounded from daily supply zone at level 0.6190
Price rejected from upper edge of rising wedge pattern
MACD shows weakness in bullish momentum
RSI reached overbought region
It's expected for coming correction to target key level at 0.5970 which corresponds to lower edge of rising wedge
NZDCHF Potential Bullish Movement
we are waiting for a momentum candle close above 0.5820 to buy this one
1- Objective Trendline (in orange)
2- Objective Ascending Triangle (in blue)
3- Support Round Number from Daily (in purple)
Three confluences are enough to consider Buying NZDCHF, after a break below 0.5820 (in gray)
** unless price breaks below...
Price is currently at the resistance area,
2 resistance coincide (trendline and horizontal resistance).
Could this be a reversal point?
waiting for the price to develop further on the smaller timeframe.
NZDCHF based on uptrend line and key level around 0.59800
price above SMA 100 and HVN
MACD shows decreasing of bearish momentum
RSI above 50
so its expect bullish movement to supply zone around 0.62200