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NZDCHF has seen a gradual ascension from the yearly lows witnessed in March.
Prices have failed in an attempt to break out of the upper regression line, leading to a move to the median regression. Further weakness in the pair has seen a double bottom at the lower regression.
A hidden bearish divergence supported the move to the downside as price now see a break of the lower channel.
The next likely target could be 50% of the 0.5298/0.6551 Fibonacci leg. This would push prices towards the 0.60 area as the Ichimoku cloud and Kijun line hangs on.
A shorter-term perspective looks at a break past the lower ascending channel.
The previous hidden bullish divergence supported a move to monthly highs. However, weakness since then has led prices to fall past the 50% 0.6185/0.5907 downside Fibonacci leg.
Should further weakness ensue, a fall past 0.60 is expected, with the 23.6% Fibonacci area the next target. The downside move is also supported with prices trading far away from the Ickimoku clo...
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