As expected, NZD goes down. Nice clean trade on the CADCHF
We start with a nice, clean, technical setup on the CADCHF. The price bounced from the 38,2% Fibonacci and broke the lower line of the bullish correction. That would be a great sell only if not the BoC later today. Movements after the decision and statement are impossible to predict, which makes this setup very risky at this moment.
NZDCHF is having a very nice sell signal. The price broke the lower line of the flag, creating a head and shoulders pattern at the top of this formation. Today, the price is going lower, which confirms this sell signal.
NZDUSD comes back to the downtrend after flirting with the horizontal resistance. It looks that the green line is rejected and we should see a further decline.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
More From FXEMPIRE:
Investors Will Absorb Latest Tariff News, but Chinese Retaliation on U.S. Crude Will Be Game Changer
E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 11, 2018 Forecast
The US is Probably Targeting key Chinese Manufacturing Export Industries, Trade War Escalates
GBP/USD Price Forecast – Dovish Macro Data and Brexit Woes Damper Sterling’s Momentum
E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 11, 2018 Forecast