Evening Traders,
Today’s analysis – NZDCHF- testing dynamic resistance where a rejection is possible, price is likely to range.
Points to consider,
- Trend bearish (consecutive lower highs)
- Weekly S/R (Resistance)
- Daily S/R (Range support)
- Oscillators above 50
- Key dynamic resistance
NZDCHF’s immediate trend is bearish with consecutive lower highs, this allows us to have a bearish bias on the market.
The weekly S/R has been flipped, any rallies into it is considered a technical bearish retest. Only if and when price breaks above will this resistance be negated.
Daily S/R is the immediate downside target, price holding this level as support will increase the probability of price ranging.
Both oscillators are neutral trading above 50 mid-point, breaking below will signify weakness in the market. This will increase the probability of testing daily S/R.
The key resistance for NZDCHF is dynamic resistance, this has been holding price down. Breaking it will likely lead to price expansion.
Overall, in my opinion, NZDCHF is a valid short with risk defined above weekly S/R. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“The consistency you seek is in your mind, not in the markets.” – Mark Douglas
Today’s analysis – NZDCHF- testing dynamic resistance where a rejection is possible, price is likely to range.
Points to consider,
- Trend bearish (consecutive lower highs)
- Weekly S/R (Resistance)
- Daily S/R (Range support)
- Oscillators above 50
- Key dynamic resistance
NZDCHF’s immediate trend is bearish with consecutive lower highs, this allows us to have a bearish bias on the market.
The weekly S/R has been flipped, any rallies into it is considered a technical bearish retest. Only if and when price breaks above will this resistance be negated.
Daily S/R is the immediate downside target, price holding this level as support will increase the probability of price ranging.
Both oscillators are neutral trading above 50 mid-point, breaking below will signify weakness in the market. This will increase the probability of testing daily S/R.
The key resistance for NZDCHF is dynamic resistance, this has been holding price down. Breaking it will likely lead to price expansion.
Overall, in my opinion, NZDCHF is a valid short with risk defined above weekly S/R. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“The consistency you seek is in your mind, not in the markets.” – Mark Douglas
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.