Welcome to the last trading day of the month, yo!
Check them out!
While NZD/USD has been climbing along a rising trend line since mid-May, it’s only this week that the bears have shown some real muscle. NZD/USD can’t trade past the .6230 area, yo.Are we looking at a potential reversal? Or an ascending triangle that would soon boost the Kiwi with renewed momentum?
The triangle pattern is nearing its end, so y’all have better odds trading a breakout.
A long trade above this week’s highs would make sense if you believe that the Kiwi will keep making pips against the Greenback.
You can check out MarketMilk’s volatility analysis for clues on potential stop and profit targets.
If you think that NZD/USD is due for a reversal or at least a deep pullback, then you should at least wait until the currency pair breaks below the trend line and make sure that the 100 and 200 SMAs don’t hold as support.
Watch this one closely!
NZD/CHF: DailyNZD/CHF is poppin’ up long wicks on the daily time frame, which is made more interesting by the bearish divergence and the 100 SMA resistance on the chart.
Shorting at current levels would give you a high reward-to-risk ratio if NZD/CHF goes back down to its downtrend and drops to its previous lows.
What do you think? Where will NZD/CHF go next?