Trend warriors huddle up!
Get ’em while they’re hot!
A couple of days ago we speculated on a rising trend line supporting NZD/USD on the 1-hour time frame.
Well, the trend line held…for about two heartbeats. NZD/USD traded below the support, yo!
But that’s all in the past. The pair is back at the trend line today, which is just above the 100 SMA that had just crossed below the 200 SMA.
Are we looking at a break-and-retest situation here? Shorting at current levels would get you in at a good spot especially if NZD/USD drops back to its previous areas of interest near .5900.
Think we’re looking at a fakeout instead? You can wait for NZD/USD to trade and hold above yesterday’s highs and then make your plays for a revisit of the .6040 or .6070 previous resistance levels.
Crossover alert! EUR/GBP’s 100 SMA has just crossed above the 200 SMA on the 1-hour chart.
The event would’ve been major on its own. Thing is, the last three crossovers had also done well in predicting the next swing for the pair. Extra BFD!
If the crossover is not enough to get your attention, then you should know that the pair is also sitting at a sweet area of interest.
Will the euro gain against the pound? A long trade at current levels and a stop just below April’s lows would make for a good reward-to-risk ratio especially if EUR/GBP bounces back up to its .8850, .9000, .9150, or even the .9400 previous resistance areas.
But what if euro bears aren’t done partying just yet? Shorting at a clear break below the 200 SMA or even April’s lows would also make for a good trade especially if EUR/GBP drops back down to the .8550 or .8450 support zones.