NZDCHF → Activity of dynamic sellers forms a triangle

17 Jul 2023

NZDCHF is forming a multi-month descending triangle. Globally, the currency pair is under downtrend pressure. What's going on?



Buyers are forming the limit zone at 0.5444, sellers continue to press this area since the end of April, thus a descending triangle is formed on the chart, which speaks for itself.
False breakdown of the support does not give the result and we see an attempt of another retest of the support level.
Formation of the subsequent test or pre-breakdown consolidation will form the momentum that can break the mentioned support and form a bearish impulse towards 0.5350.
But, if the buyers hold the zone, the price will head upwards. A breakout and consolidation of the price above 0.5496 will be a buy signal.

Support levels: 0.5444
Resistance levels: 0.5496
I expect the support breakout based on the technical feature of the currency pair at the moment.
Medium-term target is the support at 0.5350.

Regards R. Linda!

18 Jul 2023

Catatan

another retest leads to support breakout
consolidation is formed in the selling zone, after which the price heads downward and forms an impulse

18 Jul 2023

Trade aktif