It’s all about the Kiwi on today’s canvas, as we play around with forex trade opportunities on NZD/USD and GBP/NZD. Think you can make pips from these setups?
As you can see, NZD/USD encountered resistance around the 0.7350 area and is now lollygagging near the 100 and 200 SMAs on the 1-hour time frame.
What makes the setup interesting is that the chart is sporting what looks like a bearish divergence on the chart. Does this mean that Kiwi is about to extend its downtrend against the Greenback?
A bounce from the SMAs could lead to the pair popping back up to the .7375 levels before seeing fresh bearish momentum. On the other hand, a move below the mid-channel support could drag the comdoll back down to its previous lows near .7250.
Whichever bias you choose to trade, make sure you practice good risk management decisions when executing your plans!
Range playas huddle up! GBP/NZD is poppin’ up some wicked wicks on the 4-hour chart. More importantly, they’re popping up around the 1.9050 mid-range support that’s been an area of interest since mid-October.
With stochastic hanging in the oversold territory, you can bet your neighbor’s cat that other pound and/or Kiwi traders are already watching this one.
Will the pound rise back up to its 1.9400 highs? Or will the bears prevail and drag it back down to the 1.8700 range support?
Watch this one closely, brothas!