It’s all about the Kiwi on today’s canvas, as we play around with forex trade opportunities on AUD/NZD and GBP/NZD. Let’s get them pips, yo!
First up is a nice and simple support play on GBP/NZD. As you can see, the bulls are working hard to defend the 1.9100 area of interest from the bears.
What makes the tug-o-pips interesting is that it’s forming what looks like a small bullish divergence on the daily time frame.
Will more bulls charge now that stochastic is in oversold territory? Buying at the earliest signs of bullish momentum could give you a good reward-to-risk ratio especially if GBP/NZD pops back up to its 1.9750 previous resistance levels.
Watch this one closely, brothas!
Where my trend traders at? AUD/NZD just hit the 1.0650 mark, which lines up with an ascending channel support on the daily time frame.
A bounce from the trend line could lead to a retest of the previous resistance levels near 1.1000.
If the pair breaks below the trend line, however, then y’all might want to look at targeting previous support areas near 1.0500 and 1.0370.
Think the Aussie has room to extend its uptrend against the Kiwi? Or will the bears seize the day and force a reversal?