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.
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