. There is a possibility of temporary retracement to suggested support line (0.6593). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCHF is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
The price of NZDCHF is currently between the powerful 0.382 level and the not-so powerful, 0.236 level, which can also be viewed as temporary resistance and support barriers.
If the price surges through the 0.382 level, the sentiment is bullish and a long position can be opened with take profit being the above Fibonacci levels.
However, if the price drops below...
The double top pattern formed in the 15-min chart indicates a trend reversal in the near term.
Also, the pair crossed the critical price action support of 0.67827.
Hence we expect the pair to move to the next support level at 0.67715.
NZD/CHF is currently in a triangle formation in the 4-h charts.
It was resisted by the resistive trendline and is currently heading moving south.
Hence we expect the pair to continue its momentum and move to the supportive trendline.
#2 Being new to tradingview and not able to post previous chart when I entered long on the script, i will make sure I will keep uploading charts whenever i feel the set up is good.
Anyway, lets begin.
Why i entered? - "Well, the price has been on bearish trend. When the price before the entry tried to break the resistance but couldn't do it.
But later, when i...