Trade will be activated after the breakout.
Using single target is a wise choice here.
Thanks for your likes and comments which motivates us.
Good luck.
NZDCHF view as on D1
The triangle pattern marked is indicated by the MT4 indicator Markup Buddy. This indicator is excellent in drawing key support and resistance levels where chart patterns then come forward.
# For more information on Markup buddy please read here www.profitfxza.com
See my analysis below while using this tool:
# Price...
ZXY broke out of its major support at 6.9589 where it could potentially fall further to its support at 6.9185 (horizontal swing low support).
Ichimoku cloud shows signs of bearish pressure.
While higher timeframe suggests supply is still in control and a downtrend continuation seems more likely, i'm not all for that especially since the current DZ in D1 is still holding strong even though major support is broken.
I'm in favour of NZDCHF going higher, at least a 100 pip run to the next SZ as shown. Tomorrow's major news for NZD might just be the...
SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Chart time frame - H4
Timeframe 1-2 Days
Actions on -
A – Activating Event
Market will meet resistance in zone @0.6805 - .... and fall to the 0.673. In order to enter, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market move towards the first Target 1 level @ 0.673
FX:NZDCHF
Trade...
NZDCHF remains anchored in a downtrend as highlighted by the 55 SMA Slope.
The Kiwi sunk to a fresh yearly low last week, after the RBNZ cut interest rates. With risk sentiment deteriorating in the face of broken down trade talks between the US and China, Kiwi upside is likely to be limited.
We favour shorts on pullbacks towards short-term resistance levels.
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