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Happy Friyay, errbody!

Whether you like trading the majors or you’re more into currency crosses, I got yo back with a triangle setup on GBP/USD and a potential reversal on NZD/CAD.

See if you can grab a pip or two (or a hundred) today!

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

Cable is trading inside what looks like a descending triangle after breaking below a trend line support on the 1-hour time frame.

Are we looking at a reversal in the making? A break below the 1.3550 support – especially supported by an SMA crossover – could drag GBP/USD to the 1.3450 previous low.

But wait! Don’t forget that not all descending triangles see downside breakouts.

If GBP/USD manages to trade above its trend line resistance, then we could be looking at a retest of the 1.3700 previous high.

What do you think? Which way will GBP/USD trade in the next few trading sessions?

NZD/CAD: Daily

NZD/CAD Daily Forex Chart
NZD/CAD Daily Forex Chart

Countrend traders gather ’round!

As you can see, NZD/CAD is sporting a nice bearish divergence on the daily time frame.

What makes the opportunity more interesting today is that the divergence popped up just as NZD/CAD has hit the key .9250 previous resistance AND channel resistance area.

Shorting at current levels provides the best risk ratio if you’re thinking of trading against NZD/CAD’s overall trend.

If you’d rather buy the Kiwi against the Loonie, though, then you’ll want to at least wait for a decent pullback (maybe to some Fib retracement levels?) or a break above the channel resistance before you place them long orders.