If you’re bearish on the Kiwi, here are some swing setups on might wanna look at on NZD/CHF and GBP/NZD. Check ’em out!
Swing traders, huddle up! NZD/CHF just bounced off the top of its descending triangle on the daily time frame and might have its sights set on the bottom.
Now price still has to break below the dynamic inflection points at the moving averages to have a clear downside path to the .6750 minor psychological support. Stochastic is pointing down to signal that sellers have the upper hand for now, but the oscillator is also closing in on oversold levels.
The 100 SMA is slightly above the longer-term 200 SMA to suggest that a bounce is possible, but the top of the triangle or the .7000 handle could be enough to keep gains in check.
If you like riding the momentum, here’s a bullish play on GBP/NZD for ya. Price has just made its way past the mid-channel area of interest on its way up to the channel resistance near the 2.0000 major psychological mark.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the climb could keep goin’ on. Stochastic is also moving north so price might follow suit.
However, if pound bears ain’t done yet, another pullback could occur and the near-term support areas are located at the moving averages or the channel bottom at the 1.9300 area.
Whichever bias you choose to trade, make sure you keep them risk management skills tight, aight?