NZDCHF setting a new high?
Updated
NZDCHF is currently in a good short-term uptrend, with the price that is just breaking another area of resistance, setting a new 12-day high.
If we have a closer look at the price action, we can see that the setup of the moving averages is slowly turning bullish and the price is also breaking last moving average, the long term one.
There is still a possible key-level to monitor, a downtrend line that already had 2 touches and may work as a potential level of resistance.
In this case, you can enter the trade now and then keep an eye on that level, evaluating the option to exit your trade if we have a rejection, or you can wait for a breakout of that level.
I decided to enter now, with a convenient risk to reward ratio and I will monitor the action around the downtrend line.
Good luck!
If we have a closer look at the price action, we can see that the setup of the moving averages is slowly turning bullish and the price is also breaking last moving average, the long term one.
There is still a possible key-level to monitor, a downtrend line that already had 2 touches and may work as a potential level of resistance.
In this case, you can enter the trade now and then keep an eye on that level, evaluating the option to exit your trade if we have a rejection, or you can wait for a breakout of that level.
I decided to enter now, with a convenient risk to reward ratio and I will monitor the action around the downtrend line.
Good luck!
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