NZDCHF Short Term Sell IdeaH1 - Bearish trend pattern
Currently it looks like a pullback is happening
Until the strong resistance zone holds I expect the price to move lower further after pullbacks.
Nzdchfbearish
NZDCHF Short Term Sell IdeaH4 - Strong bearish momentum
Lower lows
No opposite signs
Until the strong resistance zone holds my short term view remains bearish here.
NZDCHF held resisted at key resistance level1. NZDCHF is currently held resisted at the 0.59675 level. This level is very significant as it marks a huge supply origin on April 30th and serves as an inflection point supported on April 29th.
2. We're currently seeing this level hold up. You'll notice that we're not seeing large bullish candles, but rather alternating red and green bars. On a lower time frame, this will be observed as a narrowing range.
3. I'm currently bearish because price has slowed after a huge bullish uptrend. What are the odds that we're going to see new volume of buyers coming in at the current price? Those that have gotten long should have gotten in by now. We should be seeing profit taking and fresh sell volume rolling in overnight and through the next few days.
