NZDCHF overbought, awaiting bearish confirmation of reversal

NZDCHF has touched overbought RSI territory and has comfortably rejected the 78.6 Fibonacci retracement level. Price is now sitting just under a minor resistance level of 0.6670.

As far as the H4 time frame is concerned, the last two candles were shooting stars, indicating selling pressure.

Possible entries:
1) Immediate sell on market open on 05/11/2018 (riskier)
2) Enter after confirmation of lower high on H4 time frame.

Noteworthy price level(s): 0.6720 (Resistance/support since 28 April 2017)

Stop loss: 0.6750 (above 200MA and 0.672 resistance level with some room for stop hunts)

Target Price 1: 0.6610
Target Price 2: 0.6570
Target Price 3: 0.6520
Target Price 4: 0.6380

Kommentera:

The position has been stopped out.

Re-entered at 0.67945 after 0.6800 resistance and RSI divergence on H4 time frame.

Stop Loss: 0.6890