Hi Traders! NZDCHF forecast follow up and update is here. On September 8th I shared this “Technical Analysis – NZDCHF Forecast” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the H4 chart, we had a strong bullish momentum and the price which was moving higher has broken above a strong resistance zone (which currently acts as a strong support zone for us after the breakout) and is holding above it. Currently it looks like a correction is happening and I expect the price to possibly continue higher further after this correction. Also, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. In addition to this, currently there are no signs opposing this bullish view and I basically expect the price to continue higher further until the strong support zone shown in the image below holds.
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further until the strong support zone holds. The price action followed my analysis here exactly as I expected it to. After the strong bullish move we had a pullback but most importantly the price was holding above the strong support zone. The price then moved higher further and delivered around 80 pips move until it was blocked by a bearish divergence.
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Happy Trading!
Arvinth Akash
Traders Academy Club Team.
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