Whether you like trading the majors or the top comdoll pairs, I got yo back with these hot forex setups on GBP/USD and NZD/USD. Check it!
Question is, will the bears attack at current levels? While an overbought stochastic signal can keep some of ’em interested, others might wait for a test of the .6700 major psychological handle and previous support that also happens to be close to the 100 SMA.
Shorting at current levels could give you a pretty good reward-to-risk ratio especially if you bet on NZD/USD making new 2019 lows in the next few weeks.
If you don’t think the Kiwi would extend its losses just yet, then you could also wait for a bit more momentum or a retest of the higher Fib levels before you short.
Finally, if you’re not sold on further weakness for the Kiwi, then you might want to wait for the pair to bust above the .6720 previous support before you place any long trades.
Good luck and good trading this one!
Remember that break-and-retest play that we checked out a week ago? Well, it looks like we’re finally seeing momentum!
GBP/USD is starting to pop up green candles after the bears have failed to drag the pair lower than the 50% Fib mark and the broken channel resistance level.
Are we looking at the start of a new trend over here? If the pair extends its current mini bullish momentum, then we could see a retest of the previous highs near 1.3300.
Not a fan of the pound? It’s aight, you can also wait for the pair to fall back down below its April lows and trade a possible extension of the descending channel.