NZDCHF Rally is losing momentum? We shall see

업데이트됨

Good day everyone,

As we can see NZDCHF has been on a good rally from the .66 zone and now looks like its losing momentum.

Now lets be clear, im not calling a short position, not yet, the price can just be consolidating and making a throwback before the rally goes on.

As we can see, despite the price is reaching some resistance zone now (W timeframe), we can clearly see that the "perfect" resistance is at .70 zone where we have not only the psichological level but a lot of confluences like montly R1 and 200 weekly SMA.

If we look at our bottom right panel, its NZD FUTURES, check it and see its approaching a resistance zone as well and going overbought on RSI.

Now, if you want to do a short scalper with a tight S.L based on overbought RSI on multiple timeframes its ok, but i personally dont like these kind of trade .

So what im going to do?

For going short i'll either wait a breakdown and pullback from our ascending trendline H4 OR (best option) the price reach .70 level and wait a reversion signal and target .382 (and close to 200SMA daily) and .50 fibo from .66000 zone to current high.

For long position i'd wait a pullback before going long, the target is .70000 zone, period.

So the strategy for now is WAIT and keep a close look to price action =)

This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.

코멘트

So the breakout downside happened and now the price looks like its consolidating, lets keep a closer look at its behaviour on shorter timeframes (h4 and h1) to check if there will be further downside movement.

NZD FUTURES rejected our resistance which is a positive confluence for any short position

코멘트

The price did retraced as expected and is facing a current resistance.

코멘트

Price is still fighing resistance btw , strong one