We’re talking Kiwi today, forex brothas! Take a look at these swing term setups on NZD/USD and GBP/NZD and see if you can make pips from their charts!
Consolidation alert! NZD/USD is hanging around the .6575 level, which lines up with a previous support and resistance zone.
This time around, price is also near the 200 SMA and a 61.8% Fibonacci retracement level.
Are we about to witness a longer-term reversal for NZD/USD? I don’t see any bullish momentum just yet, so you might want to wait for one before you speculate on a long and strong bounce.
Think NZD/USD is just messing with us and is actually headed lower? That’s fine, too. Just make sure the pair has crossed below May’s lows before you bet yo moolah on a prolonged downtrend for the pair.
Whichever bias you’re trading, make sure you use wide stops, aight? Can’t have you out of the game early just because of an uber tight stop loss!
GBP/NZD is testing the 1.9350 levels, which is right smack at the broken channel support on the daily time frame. What’s more, it’s happening just as the 200 SMA is crossing below the 100 SMA!
The pair is still sporting green candles, so it’s still possible that the last “breakout” was actually a fakeout and that GBP/NZD could continue its uptrend.
If this is the case, then you could set your sights on the 2.0000 previous high.
If you believe that GBP/NZD is ready to turn lower, however, then y’all better watch this retest closely for signs of a bearish momentum.
A break below 1.9000 could drag the pair all the way down to the .8700 previous support zone.
Good luck and good trading this chart!