Whether you like trading short or longer-term time frames, I got yo back today with a range trade on USD/CAD and a potential retest on GBP/NZD. Check them out!
USD/CAD is having trouble trading above 1.3485, which isn’t surprising since the level has been serving as resistance since late April.
Now, the pair hasn’t exactly touched the level just yet but Stochastic is already flashing an overbought signal and the dollar is already seeing signs of bearish momentum.
Think USD/CAD bears will defend the range resistance for another day? Shorting at current levels would still give you a good reward-to-risk ratio especially if you aim for the range support near 1.3385.
If you think that USD/CAD would still reach the resistance area, or if you’d rather buy the pair, then you could also wait for an actual retest and see how the pair reacts to the level.
Good luck and good trading this one!
Support alert! If you watched the break-and-retest opportunity that we highlighted last week, then you’ll know that GBP/NZD is finally at the previous resistance level that might be attractive enough for the bulls.
I’m not seeing any bullish momentum and Stochastic hasn’t hit oversold status, so y’all might want to wait and polish your trading plans before you pull any trigger.