Rationale for this trade is easy: a descending channel. The Swiss Franc came in strong yesterday being the best contender against USD and also fought against Euro despite its rally.
I believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal. It requires...
It looks solid long. Cash build up seems to have ended and Magic-T is pointing upwards. Trading currently above all the trend lines and the overall trend is long. There is a potential small profit of a couple of hundred pips, but the risk/reward is fair.
this pair is currently respecting the trend line and should moving back up to the 0.71200 area ..
Ascending Triangle 0.5 fib made a good resistance now i am waiting for the price to test again the support down @0.69600 100 pips will be perfect win !
NZD gaining support from trendline and support level
THIS IS THE POSSIBLE SCENARIO IN THE NZDCHF SCENARIO 1D CHART IF IT BREAKS THE TRENDLINE AND SUPPORT PUT SELL ORDER @ 0.69000 AND TP @ 0.66500
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