A local flirting with the resistance or a serious intention to break through? We will examine the price action of GBP against CHF on high timeframes to answer this question.
NZD/CAD rises to the August resistance
On the H1 chart of NZD/CAD, the price has been rising today and has almost reached the August resistance level of 0.8598. As it has been moving above the upper band of the Envelopes, we may assume that this upward movement may continue until the price actually reaches this resistance. As the RSI and the Stochastic are already in the overbought zone, it is very likely that this level will be a market reversal point. Hence, bears need to wait until the RSI crosses the 70% upside-down and the Stochastic’s fast line crosses the slow one the same manner to confirm the downward reversal moment. The support levels for this scenario may be located at 0.8515 and 0.8500. An additional resistance level may be placed at 0.8613.
The bearish bias appears to start losing power. The market reversal upwards is still to be confirmed.
The price has been showing an uptrend lately, but may go into a bearish reversal in the short-term.
The name of which company comes to your mind when you hear the words “controversial” and “successful” at the same time?
What will happen to the emerging markets in 2020.
An observation of the historical performance of Alcoa stock price and the possible future perspectives.