• Vasily Trader

WAVE ANALYSIS | Classic Trend Reversal & Continuation (NZDCHF)

NZDCHF was trading in a global bearish trend for the last 6 years.

The lower highs were perfectly respecting a major falling trend line from where strong bearish legs initiated.

This year we got a bullish violation of that major falling trend line .

That was a very important reversal clue.

In August, the price finally retested the broken trend line .

The reaction was immediate and sharp:

the price has easily violated a bullish flag pattern (representing a local 6-months bearish trend )

to the upside.

Being initiated, bullish wave will aim at 0.676 / 0.691 structure resistances.