Mthokozisi Mpofu
Knars Capital
NZD/CHF, on a larger timeframe we have a corrective channel in play. The corrective channel has provided trading opportunities in both directions, however, from a swing traders perspective, we have mainly been looking at buying the dip.
The chart below shows an impulsive move higher and a correction currently in play to complete wave iv before we continue higher. We have labelled wave c of iv as an ending diagonal and we are now looking for a move lower to test the 61.8 Fibonacci level.
We normally expect wave iv to retrace about 38.2 of wave iii however it can correct more and is just a guideline. We can expect a move higher from here targeting minimum the wave iii high.
Key news events to look out for this week: Thursday 16th September GDP q/q for NZD.
Res: 0.61061; 0.61478; 0.61867
Sup: 0.60417; 0.60244; 0.60000
None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.
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