After what feels like 1,206 years, we’re finally finishing the second full week of April!
Thinking of making your last-minute pips?
Trend traders gather ’round!AUD/NZD is trading around 1.0575, which is just below a rising trend line support AND a resistance that the pair had broken earlier this week.
Are we looking at a break and retest trend setup over here? A long trade at current levels would give you the best entry available for an uptrend that hasn’t been broken since the start of the month.
If you’re not feeling the Aussie, however, then you can also short at the first signs of a break below the trend line AND the 100 SMA before you aim for previous areas of interest closer to 1.0500 or 1.0450.
I spy with my eye a falling wedge in the making!EUR/GBP is consolidating in what looks like falling wedge, which usually heralds a reversal for the asset.
Before you buy the euro like it’s the last toilet paper, though, then you should remember that a wedge is still a consolidation, which means that buyers and sellers are still unsure of the pair’s next direction.
A break above the pattern and the 100 SMA could push the euro all the way to .8800 or even the .8850 levels.
If EUR/GBP continues to cruise along the downside pattern, however, then the pair could hit previous support levels near .8650 before finding buying pressure.
Which direction do you think EUR/GBP will go?