I’m looking at 1-hour and 4-hour charts today!
Feel free to share your two cents (or 1 BTC!)
What is observable and strong but is currently being tested?
If you answered KimYe’s marriage, then you get… imaginary points.I’m talking about EUR/NZD’s trend line resistance, yo!
As you can see, the euro turned lower yesterday after hitting a trend line resistance that’s also near the 200 SMA on the 1-hour time frame.
Can the euro bears sustain the downtrend? A move below the 100 SMA would open up the possibility of a retest of January’s lows near 1.6850.
If EUR/NZD breaks above its trend line resistance, though, then we could see the pair pop up to the 1.7050 or even the 1.7100 previous support and resistance levels.
Here’s another one for the trend warriors out there!GBP/USD looks like it has found support from the 1.3460 zone that lines up with a 50% Fib retracement AND the 200 SMA on the 4-hour chart.
Are we looking at a trend continuation in the making? Buying at current levels would still give you a good risk ratio especially if the pound surpasses December’s highs in the next few days.
If you’re not sold on the pound gaining any more pips on the dollar, though, then you’ll want to at least wait for a break below the 200 SMA levels and then aim for a trip to the ascending channel support or even a downside breakout play.