Ready to make pips today?
Check them out, yo!
NZD/CAD is consolidating around the .9200 major psychological handle that’s a hair’s breadth from an ascending triangle resistance on the 1-hour time frame.
Will we see a breakout this week?Kiwi bears who think that the resistance zone would hold for another day but will eventually extend its uptrend can wait for a retest of the triangle support near the 200 SMA.
If you think that the failure to breach .9200 is a sign that NZD/CAD is headed for a downside reversal, though, then you’ll want to at least wait until the Kiwi dips below the trend line support before placing them short orders.
Meanwhile, bulls who think that NZD/CAD’s current consolidation will end in an upside breakout can place buy stop orders just above January’s highs.
GBP/CHF is now 30 pips above the 1.2190 area that had held as range resistance between April 2020 to January 2021.That’s about 654 years in quarantine time!
Are we looking at a breakout?
Pound bulls can buy at current levels and hold until GBP/CHF sees weaker bullish momentum, or until it reaches previous inflection points like 1.2470 and 1.2540.
But what if we’re looking at a fakeout instead?
Watch any bearish pressure for GBP/CHF, which could drag the pair back inside the range to revisit the 1.1950 mid-range or 1.1675 range support levels.