Got another set of dollar plays for y’all today!
And I’ve got something for both short-term and long-term traders, too!
Check out these neat trend pullbacks on GBP/USD and NZD/USD:
This bad boy is gaining traction on its uptrend ever since busting through the resistance around the 1.3200 major psychological barrier.Price has since pulled back to this area of interest, which happens to be right smack in line with an ascending trend line and the 61.8% Fibonacci retracement level.
Will buyers defend support?
Moving averages are suggesting so, as the 100 SMA is above the 200 SMA and is also in line with the 1.3200 support. Stochastic is heading north, so GBP/USD could follow suit while buyers have the upper hand.
In that case, the pair could make its way back up to the swing high at the 1.3300 handle and beyond.
Here’s one for the swing traders out there!NZD/USD is closing in on its descending trend line that’s been holding for nearly a year already. Did I mention that this coincides with the .7000 major psychological mark and 61.8% Fib?
Technical indicators are also suggesting that resistance is likely to hold. For one, the 100 SMA is below the 200 SMA to indicate that the downtrend is more likely to resume than to reverse.
Also, Stochastic just reached the overbought zone to reflect exhaustion among buyers. Turning lower might convince more Kiwi sellers to hop in and take NZD/USD back to the swing low at .6535.