NZDCHF Dynamic Resistance| Weekly S/R| Price Range| Lower Highs 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
