The risk-off sentiment surrounding the markets at the moment seems in favor of Nzd and Aud
Nzd/Chf has a nice setup:
Price is rejecting lows around 0.6260
This level is also 61.8% Fibonacci Expansion target on the 4 hour chart
This level is acting as a support area and a possible target for Nzd/Chf
Above the target we see a bullish engulfing candle has formed
Stoch indicator shows a slight bullish divergence, and is moving up
If a low is indeed in place here, this trade could provide excellent RR ratio
First target would be the taking out of previous highs on 4 hour chart around 0.64
and second target will be the 23.6% Fibonacci daily retracement level
Nzd/Chf: Long above Fibonacci Expansion target
Entry 0.6260 -- 0.6300, SL: 0.6250, TP1: 0.64, TP2: 0.6540
p.s. Excuse me for posting this idea twice - I thought I did something wrong the first time
Nzd/Chf has a nice setup:
Price is rejecting lows around 0.6260
This level is also 61.8% Fibonacci Expansion target on the 4 hour chart
This level is acting as a support area and a possible target for Nzd/Chf
Above the target we see a bullish engulfing candle has formed
Stoch indicator shows a slight bullish divergence, and is moving up
If a low is indeed in place here, this trade could provide excellent RR ratio
First target would be the taking out of previous highs on 4 hour chart around 0.64
and second target will be the 23.6% Fibonacci daily retracement level
Nzd/Chf: Long above Fibonacci Expansion target
Entry 0.6260 -- 0.6300, SL: 0.6250, TP1: 0.64, TP2: 0.6540
p.s. Excuse me for posting this idea twice - I thought I did something wrong the first time
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.