This broke above a major trendline last week and has now retraced to test the trendline again. If this continues to drop then it will just be a false breakout but momentum seems to be with this as NZD is strong at the moment and CHF has not been great. Looking for this to turn higher from current price or slightly lower at 0.382 Fibonacci. Also need to see EMA's...
NZDCHF is showing further bearish potential. It’s moving to a somewhat solid point of support from which we may see price pullback to the marked region.
We may see price move bullish retest and then further move bearish.
Price is showing bearish momentum with bearish divergence is evident. We may see price break lower.
Stop loss - Red line
Take profit - Green line
Take profit level will be adjusted to how price reacts and moves.
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