Hi Traders! NZDCHF bearish convergence provides sell opportunity for us. A detailed analysis of this potential sell setup is as follows:
NZDCHF Daily Chart:
On the daily chart the price has created a classical setup, we had a bearish divergence and then the price moved lower and created lower lows thus forming a bearish convergence for us. We may consider this as an evidence of bearish pressure and as per the book scenario we may now expect pullbacks to happen in the form of double wave up or in the form of a range. Once the pullback completes itself, we may then start looking for sells with more bearish evidences.
NZDCHF H4 Chart:
On the H4 chart currently it looks like the pullback that we were looking for is happening in the form of double wave up. If the price moves higher and reaches the critical zone with bearish divergence, we may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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