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NZDCHF Oversold Bounce| Structural Resistance| Bearish Retest
New Zealand Dollar/Swiss Franc
Short
NZDCHF Oversold Bounce| Structural Resistance| Bearish Retest
By AzizKhanZamani
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Jun 3, 2020
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Jun 3, 2020
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
bearishretest
Chart Patterns
climax
Harmonic Patterns
NZDCHF
oversoldbounce
Relative Strength Index (RSI)
support
Support and Resistance
trend
Trend Analysis
AzizKhanZamani
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