We’re talking currency crosses today, yo! See if you can catch pips with swing and long-term setups on NZD/CAD and EUR/GBP’s charts!
NZD/CAD is consolidating around the .8350 psychological handle, which is a BFD considering that it was around that level that price had reversed back in September 2018.
Are we looking at a potential reversal over here? A bullish divergence on the daily chart certainly doesn’t hurt.
Targeting areas of interest near .8500 or even .8800 would give you a sweet reward-to-risk ratio especially if you place your stops below September’s lows.
I’m not seeing any bullish momentum, though, so y’all might want to wait around a bit before buying the Kiwi like there’s no tomorrow.
Watch this one closely, folks!
If European currencies are more your thing, then this one’s for you! EUR/GBP looks ready to bounce from the .8900 area, which lines up with a mid-range support on the weekly time frame.
What makes the chart more interesting today is that price is also around the 100 SMA while stochastic is about to hit oversold territory.
Buying at the earliest signs of momentum is your best bet if you think that the euro will revisit its .9300 highs against the pound.
If you think that EUR/GBP will head down to the .8400 support, however, then you could also wait for a clean break below the 100 SMA or even an SMA crossover to confirm a potential move lower.