NZD Strength Enters The Market : NZDCHF Higher?
Fri 3rd November 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- NZDCHF (Primary Focus Pair)
- NZDJPY (Covered In Video)
- EURCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
Will NZDCHF be the next trending market?
NZD has appeared at the top of the strong side of our live forex strength vs weakness tables.
CHF still remains the opposing weakest currency on the day traders table taking the W1 spot.
The Weekly (W1) time frame of NZDCHF shows price formed a double bottom pattern around 0.5200 support.
On this W1 time frame we can see the stochastic is showing bullish divergence, showing us there could be a move higher towards W1 highs of 0.5500.
Moving down to our trading time frames such as the H4 chart, we can see prices are making higher highs and higher lows.
Trend line support is also apparent forming from the lows on 25th October.
Two minor support levels can be seen from the H1 time frame at 0.5340 and 0.5315.
The first H1 level of 0.5340 is the current prior H1 highs and could act as support is a strong trending market.
Our second level of support 0.5315 would be ideal as this level holds confluence with the H4 trend line.
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