We’re talking swing trade opportunities today, yo!
Which setup would you rather trade?
Cable is consolidating around the 1.3850 minor psychological level!As you can see, the area lines up with a 61.8% Fib retracement, the 200 SMA on the 1-hour time frame, and the retest of a trend line that hasn’t been broken since late September 2020.
You can start loading up long positions around the current levels if you’re confident that the pound will soon return to its longer-term uptrend against the dollar.
If you’d rather bet on the Greenback making more gains against the pound, though, then you can also place short orders just below the trend line support and then make trading plans for a longer-term reversal.
Support alert! NZD/CAD is flirting with the .9000 major psychological level that has served as support back in December.What makes the chart more interesting today is that Stochastic is chillin’ in the oversold levels AND is hinting at a super short-term divergence.
Think NZD/CAD will bounce from .9000? Buying at current levels would yield strong risk ratios especially if the Kiwi eventually returns to its .9225 range resistance levels against the Loonie.
If NZD/CAD ends up extending its downswing though and sees a break below .9000, then you gotta be prepared for a possible trip to the .8970 or even the .8870 notable inflection points.