A FLAG FOR THE KIWI! | NZDCHF (DAILY CHART)

After enjoying a profitable run of 119 pips in our last trade on this pair (see link below), here we go with another trading possibility explained thus;

Tendency: Longterm Downtrend (Bearish)
Structure: Flag | Rising Wedge | Cypher
Observation: i. Price appears to be going through a correction move of the impulse leg XA.
ii. Correction move culminates at zone 0.64000 which serves as the first rejection.
iii. The second correction run navigates towards the 0.64000 zone forming a Cypher pattern.
iv. Expecting price to reject the resistance 0.64000 before the rally down.
v. Price still below Moving Average
Trading Plan: i. BUY the completion of Cypher @ 0.62600/0.62500 zone with TP @ 0.63500 (95pips) or
ii. SELL outright or at reversal (indicated on chart) zone with TP1, TP2 and TP3 (330 pips) and SL @ 0.65000/0.65700 zone.
Risk/Reward: 1/3
Potential Duration: 10 to 20 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.



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