Partner Center Find a Broker

We’re all about the currency crosses today as we play around with triangle breakout and retest opportunities on CAD/JPY and GBP/NZD.

Who’s looking at the same charts?

Let me know!

CAD/JPY: 4-hour

CAD/JPY 4-hour Forex Chart
CAD/JPY 4-hour Forex Chart

CAD/JPY is knockin’ on the 82.00 major psychological handle, which is right smack at an ascending triangle resistance on the 4-hour time frame.

Can the Loonie bulls force a breakout? A clear break above 82.00 could push CAD/JPY to the 83.00 or 84.00 previous areas of interest.

But what if the bears take over? After all, there’s a low key bearish divergence forming on the chart.

A rejection at the 82.00 resistance could drag the Loonie back to the SMAs near the 81.00 level or the trend line support closer to 80.75.

Whichever direction you end up trading, make sure you have your moves and countermoves ready in your trading plan!

GBP/NZD: Daily

GBP/NZD Daily Forex Chart
GBP/NZD Daily Forex Chart

Guess who’s back, back again?

No, it’s not Jack Dorsey back to talking Bitcoin. It’s GBP/NZD hitting 1.9000 levels!

See, the pair recently broke below a descending triangle support and it looks like it’s retesting its broken support again.

Are we looking at a break-and-retest play in the making? Shorting at the first signs of bearish pressure would make for a good trade especially if the pound makes new 2021 lows against the Kiwi.

If GBP/NZD’s trips to the 1.9000 handle result in an upside break, though, then y’all better be ready for possible moves to the 100 and 200 SMAs or maybe even the 1.9420 and 1.9575 previous inflection points!

Not sure about the size of your positions and stops? Check out GBP/NZD’s average volatility for clues!