NZD/CHF Trading Analysis (20/08/2024)

The trend is descending. Bulls tested the 200 EMA on the H4 timeframe. The ascending wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the moving averages of the RSI indicator have tested the overbought levels.

Trading idea:

• Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the upward truncated structure.
• Stop-loss above the local maximum of the ascending structure.
• Price targets at 0.5180 and 0.5040.

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