Egad! Am I dreaming or did NZDUSD just form a doji on a rising trend line?! *rubs eyes* Why, I think it’s real! The pair has been on a consistent uptrend since late last week, but just a couple hours ago, it took a big plunge. Now, it looks like it’s testing the rising trend line once again. NZDUSD bears seem to have momentum on their side as stochastics is headed down and is still a long way from oversold territory. Will we see a break of the trend line and a return to previous lows? Or will the bulls come charging to push the pair back up to .7350? The suspense is killing me!
Make up your mind, EURGBP! Are you finally gonna bust out of that symmetrical triangle or are you just gonna fall back into the center?! The pair has tested the top of the triangle four times in the past, but it seems like it may finally bust out this time, judging by those bright green candlesticks and the way stochastics pointing up. If you’re feeling bullish, .8500 seems like a good place to lock in profits since it’s a former support-turned-resistance level. On the other hand, if you want to side with the bears, you may want to play the range and short the pair with the bottom of the triangle as your target.
Is the remote on GBPUSD broken or what? The pair has been stuck in the same descending channel for the past three weeks now! After testing falling resistance yesterday, GBPUSD has dropped, with momentum still pointing south. However, it does seem like the pair is finding support at the middle of the channel. Will we see another test of the upper bound of the channel at 1.5450? Or are we going to see the pair test for new lows at 1.5250?