NZDCHF is in a bigger channel and has approached the channel support. We have reached the channel support within a descending channel which is typically a reversal pattern. Also, we can draw a descending trendline and watch for breakout and put stops below the channel.
Looking for the previous top as take profit.
Goodluck and trade safe!
Strong weekly bearish closure
Daily chart - we are (still) in a uptrend and just retraced to 100% fib level (last place it can retrace too before breaking the structure), however we did gap on Sunday and the gap has not been filled yet, so can this go further down at least to fill the gap.
H4 -currently under a downtrend.
30m chart - downtrend, started...
We have a descending flag on the daily creating a possible continuation of the bullish trend. Within that, there holds a demand zone that is fresh with few tests. We should expect a break out to the upside.
5 minutes until we close on the H4 candle, solid price rejection candle, but most of this has changed within the last H1 period. So we are seemingly still in an hourly downtrend (also at descending resistance).
So cautious of this as we may be able to utilise a better entry and greater RR potential.