Happy Friday the 13th, errbody!
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Trend warriors huddle up! EUR/GBP just turned lower after hitting a channel resistance that was juuuust under the .9000 psychological handle.Is the euro in for more losses against the pound? Shorting at current levels would still give you a good reward-to-risk ratio especially if you place your stops just above the channel and aim for the previous lows near .8800.
Not a fan of the euro? That’s aight, you can also wait for a clear break above the channel and then shoot for retests of the .9100 and .9150 previous resistance levels.
Whichever bias you end up trading, make sure to double-check your orders so you don’t get “bad luck” from unnecessary mistakes!
After hitting resistance at .6900, Kiwi bulls will look for new levels to buy the comdoll.The .6780 handle is a good candidate as it lines up with a previous resistance AND a 38.2% Fib retracement on the 4-hour time frame.
NZD/USD is only a few pips away from the level so y’all gotta finalize them trading plans if you’re planning on hitting this one!
Buying at the first signs of a bounce is a good play if you believe that NZD/USD will make new November highs next week.
If you’d rather short the Kiwi against the dollar, though, then you can also wait for NZD/USD to break below the .6780 support and then see how it reacts to the lower Fib retracement levels.