Comdoll playas huddle up! I’ve spotted a retracement play on NZD/USD and a range support setup on GBP/CAD that you wouldn’t want to miss. Check it!
As you can see, NZD/USD found support around .6450 and is now trading about 400 pips from the level.
What makes the move interesting is that it brought the pair to the .6850 previous support area, which is also near a 50% Fib retracement and a 200 SMA retest on the daily time frame.
Will the Kiwi see more losses against the dollar? The pair hasn’t hit the 50% Fib yet, so y’all still have time to wait before you execute your downtrend plays.
If you’re one of them Kiwi bulls, though, then you might want to wait for the pair to break above the Fib levels and the 200 SMA before aiming for the .7350 previous resistance.
Here’s one for my range-trading brothas out there! GBP/CAD bears defended the 1.7275 resistance well in the last few days, and now the pair is on its way to the 1.6650 support that we spotted a couple of days back.
Will GBP/CAD drop by another 180 pips and hit 1.6650? More importantly, will buyers show up if the pair reaches the level?
Stochastic has yet to hit oversold territory and bullish candlesticks have yet to pop up, so it might be a while before we see buying momentum.
That just means y’all have time to whip up trading plans and contingencies for this setup. Get right on that, will you?