NZDCHF downside extension to continue
NZDCHF weekly chart is revealing a hard rejection of the strong upside resistance and a channel upper line 0.6750-0.6800 zone. Along with the NZD weakness and a safe haven, CHF flows this pair is about to continue a downside swing. This has even more probability with a break below the strong descending triangle resistance 0.6650 level.
On a daily chart, we can see a retest of the previously broken downside resistance 0.6650 level. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade even at the market with the stop loss above the 0.6690 level targeting 0.6500 level and even trailing the profit further downside into the 0.6370 level.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
MentoringLearn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.
Mentoring
Learn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.