After moving under a falling trend line for almost a month now, NZDUSD made a nice clean break and climbed to a high of .7145. From there, the pair pulled back as Kiwi bulls took a breather. The pair seems to be retesting the broken trend line, right at the 61.8% retracement level. If this level holds as support, NZDUSD could bounce back and rise higher than its previous high at .7145. On the other hand, there’s also the chance that the pair could sink back below the falling trend line.
It looks like resistance on the top of the channel held. Holla! Now the question is, will EURGBP go all the way down? Hmmm, for that there must be enough sellers to at least push the pair below the support level at around 0.8170. If there ain’t ‘nuf of ’em there, it’s possible for buyers to take another shot at testing the resistance at the top of the channel.
Go Swissy, new lows! Sellers were finally able to stage a strong move after the price stopped chillin’ like ice cream filling at the 1.3000 handle. Now it seems the pair is aiming for the bottom of the channel since that breakout candle is looking really strong. Stochastics, being in the oversold region, isn’t optimistic that the Swissy can go any lower though. However, sellers might still have enough energy since the stochastics haven’t turned yet.