💱 NZDCHF - Preparing for further growth

23 พ.ค. 2023

NZDCHF breaks through the downtrend resistance and forms a cumulative set-up. Price is preparing for a breakout and further growth

TA on a high timeframe:
1) The downtrend breaks and price begins to consolidate in front of resistance
2) Price does not update local lows. Volatility decline is forming.

TA on a low timeframe:
1) Triangle pattern after breaking resistance
2) The base, which is most often broken in this pattern, looks upwards. Therefore we should expect a breakthrough of the resistance at 0.56760 in our case
3) The price cannot change the trend direction at the first attempt, so it forms a pattern in which it will be able to form a consolidation for further growth

Key resistance: 0.5676
Key support: 0.56200