Whattup, forex brothas! Today we’re revisiting not one, but TWO setups that we were lookin’ at a few days back. Check ’em so you don’t miss out!
GBP/NZD is dropping fast from the 1.9800 handle, which is around a range resistance that has been keeping the bears in check since December 2017.
Think you’ve missed the move? Not if you aim for the range support near 1.8400!
Shorting at current levels would still give you a good reward-to-risk ratio especially if GBP/NZD ends up dropping back to the support.
If you’d rather trade a upside breakout, though, then you could also wait for the pound to break above its September highs before you pull the trigger on any long trades.
Not feeling like trading the pound or Kiwi this week? That’s alright, you can check out the next setup!
A few days ago we talked about EUR/CHF hanging out at an ascending channel support on the daily time frame.
Well, it looks like the bears had decided to flex some more! The pair is now below the channel and has found support at the 1.0850 levels.
Are we seeing a legit breakout? The 1.1000 level is the area to watch if you’re a break and retest trader who’s looking to short at a better price.
If you think that we’re actually seeing a fakeout, then you could also wait and see how EUR/CHF reacts to the 38.2% Fib inside the channel and trade a possible extension of an uptrend.
Whichever bias you choose to trade, remember to keep your stops loose and use your best risk management tricks! You wouldn’t want to lose your shirt before the year ends, do you?