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Kiwi traders gather ’round!

Today we’re looking at GBP/NZD‘s double bottom setup and a resistance play on NZD/JPY.

Think you can make pips from these charts? Check them out!

GBP/NZD: 1-hour

GBP/NZD 1-hour Forex Chart
GBP/NZD 1-hour Forex Chart

GBP/NZD is finding support at yesterday’s low, which opens the pair to a possible double bottom bounce on the 1-hour time frame.

Pound bulls can take advantage of Stochastic’s oversold signal and buy GBP/NZD until it hits the double bottom “neckline” near 1.9450.

Not convinced that the bulls can pull off another bounce? You can also wait for GBP/NZD to make new weekly lows and then target previous areas of interest closer to 1.9280.

Whichever bias you end up trading, make sure you know all about GBP/NZD’s average volatility so y’all know where to put them entry and exit orders!

NZD/JPY: 4-hour

NZD/JPY 4-hour Forex Chart
NZD/JPY 4-hour Forex Chart

Guess who’s back, back again?

I ain’t talking about Mariah Carey who’s belting out her holiday list in retail stores. I’m talking about NZD/JPY going back to 70.25!

As you can see, the level is a key inflection point and has been holding as resistance since the second half of September.

Can the bears hold 70.25 for another day? Shorting at current levels will give you the best reward-to-risk ratio if you believe that NZD/JPY will drop back down to its 69.00 support.

But what if today’s the day we see a breakout? If NZD/JPY starts trading firmly above 70.25, then you might want to think about buying the Kiwi up to the 71.00 zone or until you see some bearish pressure.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line