Get over the mid-week hump by checkin’ out these hot short and long-term trend setups on NZD/USD and GBP/NZD!
Remember that short-term uptrend that we spotted a week ago? Well, here’s another chance for you to jump in! As you can see, NZD/USD is back at the rising channel support that hasn’t been broken since the start of the month.What makes the current level more interesting is that it’s also near the 100 and 200 SMAs on the 1-hour time frame. Not only that, but stochastic is also on the bulls’ side with an oversold signal!
Buying at current levels could get you a good pip or two (or eighty) especially if you aim for this month’s highs around .7320. But if forex bears put up a fight and Kiwi ends up breaking below the channel, then you could aim for the areas of interest presented by another rising channel that the pair broke from in late May.
Whichever direction you choose, make sure you use proper risk management when you do trade your biases, aight?
As you can see, GBP/NZD slowly but surely broke below the long-term uptrend that we looked at earlier this month. Yesterday’s candle, however, tells us that the bulls have some fight left in them yet.
If the pair ends up popping green candles in the next couple of days, then we know that bulls are still paying attention to the SMA crossover, bullish divergence, and 1.7450 area of interest on the daily time frame and could present a fakeout play.
But if the pair ends up bouncing back down from the “broken” channel support, then we could be looking at a break-and-retest play that could send the pound to the next area of interest nearer to 1.7150.