Waiting for NZDCHF to break out of the descending triangle.
From around the beginning of March 2021 NZDCHF continues to drift lower. From around the beginning of May 2023 the pair is forming a descending triangle pattern, which according to the TA rules, tends to be a bearish indication. However, in order to consider the next short-term directional move, a break through one of the sides of that triangle is needed.
A drop below the lower side of the aforementioned triangle, at around 0.5434, would confirm a forthcoming lower low. Such a move may clear the path towards the 0.5300 territory, as it was seen as a key support area back in March 2020.
Alternatively, a pop above the upper side of the previously discussed triangle could support the idea of examining some higher areas, at least in the near-term. We would then aim for the 200-day EMA, or even the 0.5678 hurdle, marked by the highest point of May.
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A drop below the lower side of the aforementioned triangle, at around 0.5434, would confirm a forthcoming lower low. Such a move may clear the path towards the 0.5300 territory, as it was seen as a key support area back in March 2020.
Alternatively, a pop above the upper side of the previously discussed triangle could support the idea of examining some higher areas, at least in the near-term. We would then aim for the 200-day EMA, or even the 0.5678 hurdle, marked by the highest point of May.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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