Welcome to the middle of the week, forex friends! Get over the hump with not one, but TWO hot currency cross trade opportunities. Check out GBP/NZD and CAD/CHF’s charts!
Support alert! A couple of days ago we identified a possible support near GBP/NZD’s 1.9500 major psychological level that happens to be around a previous resistance and a 50% Fibonacci retracement from a breakout.
If you’re planning on trading a bounce, then now’s your chance! The pair is starting to sport green candlesticks just above 1.9500 and, with stochastic hitting oversold levels, you can bet that other bulls are already watching this one.
GBP/NZD’s previous highs near 1.9900 is a good place to target if you’re thinking of buying the pound.
If you’re not a fan of more upside moves for the pair, then you could also wait for it to make new May lows before you execute your short trades.
Good luck and good trading this one, brothas!
Chart pattern fans huddle up! CAD/CHF just bounced from a rising trend line, which makes it a good candidate for an ascending triangle play on the daily time frame.
The .7625 mark is the level to watch since it marks the triangle’s resistance. The pair has yet to hit the area, though, so y’all still have time to whip up your triangle strategies and make trading plans around the setup.
If you’d rather trade a downside breakout for the Loonie, then you might want to at least wait for a break below the triangle support and aim for the previous lows near .7400 or even .7200 if you wanna hit those high reward-to-risk ratios.