Evening Traders,
Today’s Second Analysis – NZDCHF- breaking below Daily S/R with an impulse, an oversold bounce is probable.
Points to consider,
- Price Action Bearish
- Supply Zone Target
- Daily S/R Resistance
- Oscillators Extended
- Declining Volume
NZDCHF’s immediate price action is bearish breaking key daily level; this allows us to have a bearish bias on the market.
The initial target is the supply zone; a bounce here is probable as the base of the bullish engulfing resides in confluence.
The Daily S/R is crucial resistance; a back test will confirm a bearish retest of the level.
Both oscillators are approaching oversold conditions; this increases the probability of an oversold bounce. A volume influx will coincide with this as current volume is low.
Overall, in my opinion, NZDCHF is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee
Today’s Second Analysis – NZDCHF- breaking below Daily S/R with an impulse, an oversold bounce is probable.
Points to consider,
- Price Action Bearish
- Supply Zone Target
- Daily S/R Resistance
- Oscillators Extended
- Declining Volume
NZDCHF’s immediate price action is bearish breaking key daily level; this allows us to have a bearish bias on the market.
The initial target is the supply zone; a bounce here is probable as the base of the bullish engulfing resides in confluence.
The Daily S/R is crucial resistance; a back test will confirm a bearish retest of the level.
Both oscillators are approaching oversold conditions; this increases the probability of an oversold bounce. A volume influx will coincide with this as current volume is low.
Overall, in my opinion, NZDCHF is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/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.