NZDCHF TO RE-TEST HEAD & SHOULDERS NECKLINE
CoT Reports show NZD commercials at all time highs in Long contracts giving us the reason to look for the NZD long trades.
Looking to this pair we discussed how it broke out of a key resistance a closed above. Looking for the long trades, the set up on the 4hr timeframe didn't meet our rules and taking a step back to look at the higher timeframe the market may want to test the head and shoulders neckline with 38.2 fib confluence. If we see price reject here we can look for long opportunities up into the key resistance with 1.618 fib extension confluence.
Looking to this pair we discussed how it broke out of a key resistance a closed above. Looking for the long trades, the set up on the 4hr timeframe didn't meet our rules and taking a step back to look at the higher timeframe the market may want to test the head and shoulders neckline with 38.2 fib confluence. If we see price reject here we can look for long opportunities up into the key resistance with 1.618 fib extension confluence.