NZDCHF was trading in a global bearish trend for the last 6 years.
The lower highs were perfectly respecting a major falling trend line from where strong bearish legs initiated.
This year we got a bullish violation of that major falling trend line.
That was a very important reversal clue.
In August, the price finally retested the broken trend line.
The reaction was immediate and sharp:
the price has easily violated a bullish flag pattern (representing a local 6-months bearish trend)
to the upside.
Being initiated, bullish wave will aim at 0.676 / 0.691 structure resistances.
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✅Join My Telegram Channel: t.me/VasilyTrading
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Related publications
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.