Who’s ready to trade Round 7 of 2020?
Here’s what I’ve found:
EUR/NZD is almost at the 1.7350 minor psychological level, which has served as support at least three times since June 10.Can euro bulls come through one more time this week? We’ll need to see an actual retest of the level and then some bullish pressure before we can play a potential bounce.
Buying at the first signs of the support holding and then targeting the 1.7575 range resistance would make for a good reward-to-risk ratio if you’re trading the bounce.
If you’re one of them breakout traders, though, then you can also wait until EUR/NZD clearly breaks the 1.7350 support before you target previous areas of interest close to 1.7225.
I spy with my eye a broken reverse head and shoulders pattern!In fact, not only has GBP/CHF broken above the “neckline,” but it has also retested the area!
Are we looking at bullish swing for GBP/CHF? You can buy at current levels if you’re confident that the pound will see an uptrend against the franc.
Not too convinced of the pound’s momentum? You can also wait until GBP/CHF makes new weekly highs or breaks above the 100 and 200 SMA to confirm a possible uptrend.
Watch this one closely, folks!