In today’s intraday charts update, we’ll be checking up on our old setup on EUR/NZD. And if you’re lookin’ for something more fresh, then I’ve also got a breakout play on AUD/USD that y’all may like.
As y’all can see, AUD/USD has been trading with a downward tilt recently, which means that them bears are in control. However, as y’all can also see, the pair has been respecting that there rising trend line for a while now. The question now is where will the pair go from here.
Well, looking at our technical indicators, we can see that them moving averages just recently crossed-over into uptrend mode. Stochastic, meanwhile, is pointing up after visiting oversold territory. As such, our technical indicators seem to favor an upside move at the moment.
Still, it would probably be prudent to prepare for both an upside move and a downside move.
In the case of an upside move, the pair needs to clear 0.7940, break past that there falling trend line and then smash past 0.8040 before y’all can chillax.
A downside move, meanwhile, needs to break past 0.7880. The pair then needs to move past the well-respected rising trend line and then the area of interest at the 0.7800 before the downside break is validated.
In any case, just make sure to practice proper risk management should you find a trade based on this chart, alright?
In yesterday’s intraday chart update, we had a rising trend line on EUR/NZD’s 1-hour chart.
And back then, the pair was about to test the trend line, so I told y’all to prepare to go long if the trend line holds. Although I also told told y’all to prepare for a potential downside break since them moving averages just crossed-over into downtrend mode at the time.
Well, the trend line bounce scenario obviously played out. Heck, the pair even easily cleared the area of interest at 1.6220 that I told y’all to keep an eye on. And if you were able to ride the swing higher, then congratulations on bagging over 200 pips in one day. Aww, yea!
If you missed the ride, then it’s too late to jump in with a long at this point. However, I have reassessed the situation and all that. And it looks like the pair is busting the moves inside that there ascending channel.
And while them bulls are likely shooting for 1.6520, the pair is already approaching the area of interest at 1.6390, so there’s a chance that a pullback may occur.
And if the pair does get rejected at 1.6390 and a pullback does occur, then them bears will likely be gunning for 1.6220. Them bulls, meanwhile, will likely set up shop between 1.6220 and 1.6150, so keep an eye on them price levels.