Coming up… NZDCHF long .. the week of 10 May, 2021
This pair has been mostly bullish since May2000 but is consolidating in a downward sloping channel since February this year. As you can see the channel structure is very clean and price has been respecting it both to the up and down side. Note also the area around 0.6480 that has been a good support. I am looking for price to come down to this area and if it holds, I will take a long position.
It is possible that price will slice through to the downside in which case I will be looking to see if the channel structure holds again. Either way, I am of the opinion that the bullish trend will soon resume. The levels above to watch will be 0.6610 and then 0.6740 that was the previous high.
I like to trade with the trend so will be waiting for such an opportunity to present itself. If the support zone and the channel fail to hold price, the next area of interest will be the 0.63160 region.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
It is possible that price will slice through to the downside in which case I will be looking to see if the channel structure holds again. Either way, I am of the opinion that the bullish trend will soon resume. The levels above to watch will be 0.6610 and then 0.6740 that was the previous high.
I like to trade with the trend so will be waiting for such an opportunity to present itself. If the support zone and the channel fail to hold price, the next area of interest will be the 0.63160 region.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
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