USD/CZK - Bullish W Pattern - analysisHello traders and community, today I will tell you shortly about situation of USD/CZK
Trend analysis
- As you can see from the USD/CZK daily chart, we are currently forming bullish W pattern (yellow line) and also short versions of W pattern, that's why most of factors shows us about possible bullish scenario in long term. Resistance level from Fibonacci Retracement Analysis stays on 23,48 price level and Support level remains on 21,28 price level. Global trend of this pair is still bullish and therefore I recommend as a trader to open positions only if you are prepared for long time scenario (as you can see from the white lane) and close position near 23,48 price level. On the other hand for short period of time I recommend to keep tracking correct and trustworthy signals for opening positions.
Chart pattern
- Bullish W pattern formation (functioning)
Technical indicators
- RSI: market is overbought right now, that's why we are returning in borders (Bearish signal)
- MACD: market is bullish cause of MA lines are still enough close to each other and overall trend is going uptrend (Bullish signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bullish signal)
- MA (10,20): MA10 is above the level of MA20 and moving upward (Bull signal)
= Bullish movement prevails
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P.S.: Information provided is only educational and should not be used to take action in the market.
