NZDCHF clearing important resistance

The eight-hour chart of NZDCHF offers rare pattern-Bulkowski’s Reversal Triangle- along with different positive signs on technical indicators.

The graph shows that, NZDCHF has found strong support before clearing the sloping resistance, which assisted bulls to take momentum indicators above its resistance levels.

nzcchf-25-05-2015-fxcomment

Meanwhile, Vortex indicator-trend- has turned into positivity adding further strength to the bullish intraday bullish impetus.

The NZDCHF pair is currently clearing 23.6% Fibonacci of the last decline from 0.7450 to the significant low placed in the 0.6775 region is another positive catalyst that should be added to the above-mentioned factors.

All in all, we see chances for achieving further bullishness, aiming to challenge 0.7000 psychological, as far as the apex of the pattern at 0.6825 zone remains intact.

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Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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