Evening,
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.
A bearish retest is likely at this level where a short trade is plausible.
The 21 MA has been breached; a back test is probable if price is rejected from structural resistance.
The RSI has a valid swing low failure; this solidifies the strength of the bounce back into structural resistance.
Overall, in my opinion, NZDCHF is on track for a bearish retest. A short trade at this level is valid with defined risk above recent swing high.
What are your thoughts?
Please leave a like and comment,
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
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.
A bearish retest is likely at this level where a short trade is plausible.
The 21 MA has been breached; a back test is probable if price is rejected from structural resistance.
The RSI has a valid swing low failure; this solidifies the strength of the bounce back into structural resistance.
Overall, in my opinion, NZDCHF is on track for a bearish retest. A short trade at this level is valid with defined risk above recent swing high.
What are your thoughts?
Please leave a like and comment,
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.