NZD/CHF

[Cam019]

Here is an interesting one - NZD/CHF.

4 retests of the 0.62000 level with price unable to hold it. The last two retests have formed interesting structure - two lower highs and two lower lows in a tighter range under a key psychological area of resistance.

 

[rnr]

@Cam019

Just my take on a possible outcome:-

Two a-b-c waves have formed from the March 19th low (red lines) which are waves A & B of a larger A-B-C pattern.
Wave C, which is currently forming (blue lines) potentially an impulse wave (5 wave structure) which will hopefully see price overcome the 62¢ barrier.

Cheers,
Rob

 

[willoneau]

Here is an interesting one - NZD/CHF.

4 retests of the 0.62000 level with price unable to hold it. The last two retests have formed interesting structure - two lower highs and two lower lows in a tighter range under a key psychological area of resistance.

View attachment 112320

Hi Cam 019,
Is your bias long or short?
If it was me I would be looking to swing trade between the support and resistant zones until it broke either way.

 

[willoneau]

On the weekly chart we are seeing higher lows and lower highs so bias is neutral. The big spike down could be indication of trend direction change but I would expect a move back down to take out all the long stops located under the swing lows before it does.
Maybe back down to around 5700.

 

[willoneau]

On the daily the last bar is an indecision bar so hard to determine direction bias for tomorrow. On the 4hourly the bias is to the long but I would be waiting and looking for a signal at around 6050 to go long if that was my bias?
Take out Fridays low then turn up maybe.