Ready for mid-week profits?
It’s all about the pound on today’s canvas as we explore range and triangle setups on EUR/GBP and GBP/NZD’s charts.
Get ’em while they’re hot!
A couple of days ago we talked about EUR/GBP possibly pulling back to an area of interest after breaking above a trend line resistance.Now tell me why the euro pulled back ALLLLL the way to its monthly lows. What’s up with that?!
Bulls who anticipate the .8500 psychological handle holding as support can take cues from Stochastic‘s oversold signal and buy EUR/GBP until it hits the .8585 mid-range levels or even the .8670 July highs.
Just make sure you’re also prepared for a downside breakout! If you see EUR/GBP breaking below .8500, then you gotta be ready to aim for previous support levels like .8450 or .8400.
Here’s one for the breakout fans out there!GBP/NZD is poppin’ up indecision candlesticks around the 1.9950 level that has served as resistance at least twice since mid-June.
Will the third time be the charm for the bulls? A break above 1.9950 would set the pound up for a test of the big 2.0000 psychological handle. Heck, it could even hit the 2.0200 area of interest!
A rejection at 1.9950, on the other hand, means that GBP/NZD bulls and bears are okay with keeping the pair inside an ascending triangle pattern. A retest of the trend line support could happen especially if markets start to really hate on the pound and buy the Kiwi in the next trading sessions.
Keep close tabs on this one!