Hi Traders! NZDCHF short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
On the H4 chart, currently, it looks like a potential double-wave correction is happening. Also, we could see that the price which was moving lower created a bullish hidden divergence between the first low that formed at 0.56215 and the second low that formed at 0.56880, followed by a continuing bullish divergence between the first low that formed at 0.56880 and the second low that has formed at 0.56642 based on the MACD indicator, which we may consider as evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads a value over 25, we may consider this as another evidence of bullish pressure. Also, currently, there are no signs opposing this short term bullish view. So everything looks good here for the bulls. Until the strong support zone (marked in blue) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Arvinth Akash
Home Trader Club Team
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