NZDCHF Flag down time
Bias Bearish
Fundamental NZD is weak and CHF is holding strong
Price action
Price rejected from H4 Bearish TL and broke out of raising flag pattern. The price also break and close below H1 SR level. This indicates that bearish momentum is still going strong. All time low, so using Fibo Extension for targets.
Confluence
H4 Bearish TL, Broken Flag SR level and H1 SR level.
Setup
Entry at H1 broken SR level
SL 2x ATR(20)
TP fibo extension 61.8% R:R 1:6
Fundamental NZD is weak and CHF is holding strong
Price action
Price rejected from H4 Bearish TL and broke out of raising flag pattern. The price also break and close below H1 SR level. This indicates that bearish momentum is still going strong. All time low, so using Fibo Extension for targets.
Confluence
H4 Bearish TL, Broken Flag SR level and H1 SR level.
Setup
Entry at H1 broken SR level
SL 2x ATR(20)
TP fibo extension 61.8% R:R 1:6
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