NZDCHF short
NZDCHF price is currently below both the previous and current week's point of control (POC), which implies bearish control in the market. The Rate of Change (ROC) indicates that NZD is currently the second weakest currency, after JPY, while the CHF remains among the strongest.
There's a possibility for the price to pull back towards the current week's Volume Point of Control (VPOC) before breaking below the previous week's High Volume Node (HVN) near Previous week low. Considering that sellers have already managed to break below the previous and current week's VPOC, overcoming this HVN shouldn't pose a significant challenge. This HVN represents the last line of defense for buyers before the price breaks below the previous week's low, which could trigger a more substantial downward move.
For entry, I am waiting for extreme conditions to sell again (ADR or a simple RSI overbought) than a Potential entry points could be a pullback to the Average Daily Range (ADR), RSI or a retest at the current week's VPOC. Additionally, signs of exhaustion and a shift in market momentum would confirm my short trade entry.
There's a possibility for the price to pull back towards the current week's Volume Point of Control (VPOC) before breaking below the previous week's High Volume Node (HVN) near Previous week low. Considering that sellers have already managed to break below the previous and current week's VPOC, overcoming this HVN shouldn't pose a significant challenge. This HVN represents the last line of defense for buyers before the price breaks below the previous week's low, which could trigger a more substantial downward move.
For entry, I am waiting for extreme conditions to sell again (ADR or a simple RSI overbought) than a Potential entry points could be a pullback to the Average Daily Range (ADR), RSI or a retest at the current week's VPOC. Additionally, signs of exhaustion and a shift in market momentum would confirm my short trade entry.
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