NZDCHF Wait for one last pull-back or buy the 1D MA50 break

The NZDCHF pair has been trading within a Channel Down pattern since March 2021. It made its most recent Lower Low on July 01 2022 but since July 08 it has been consolidating sideways. This has caused the 1D MA50 (blue trend-line) to get very close. If it breaks, that would be a technical break-out buy signal.

However as long as it fails to break, there are higher probabilities to buy lower. At least this is what took place on January 13 where after a near rejection, the price made one last pull-back to the Lower Lows (bottom) trend-line of the Channel and then emphatically rebounded for two months. The 1D RSI sequence tends to agree that we are replicating a similar price action. In both cases the target would be the red trend-line just below the Lower Highs (top) of the Channel.



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