Hello traders,

yesterday I wrot about bearish engulfing bar formed on NZDUSD. If you take a look on other NZD pairs you will see that on NZDCHF and on NZDJPY we can also see BEEB. I would like to analyse for you NZDCHF, because for me it is better setup.

BEEB engulfed whole previous candle, BEEB is at important resistance level (0.7600). If we analyse price action from previous year we can see that traders has tried seven times break strong resistance at 0.7650. It means that price now has lot space to plunge in coming weeks, even around 0.7300 but I would put first target around 0.7500 to book some profit.



Safe trading and be patient !
Paweł
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