Who’s in the mood to trade currency crosses?
If you are, then you’ll like that EUR/CAD is trading above a dynamic support zone while GBP/NZD looks set to bounce from a mid-channel support.
Check these out!
Reversal alert! EUR/CAD has not only broken a months-long trend line resistance but now it’s also trading above the 200 SMA.EUR bulls managed to push the pair to 1.3760 but it looks like market bears had enough mojo to drag EUR/CAD back to the 200 simple moving average.
Are we looking at a break-and-retest situation here?
EUR bulls can buy at the earliest signs of a bounce from the 200 SMA and target previous areas of interest like 1.3900 or 1.4050.
If you’d rather be sure about EUR/CAD’s reversal on the 4-hour time frame, then you can also jump in as soon as the pair surpasses this week’s highs.
Here’s one for the trend warriors out there!GBP/NZD looks like it’s finding support at 1.9425, which isn’t surprising since the level lines up with the mid-channel support on the 4-hour time frame.
May’s highs near 1.9600 is a good initial target but you can also aim for new monthly highs depending on the bulls’ momentum.
Not confident about buying GBP/NZD at its mid-channel levels?
Feel free to wait for a dip back to the channel support closer to the 100 and 200 SMAs. I gotta tell ya, though, it doesn’t look like GBP/NZD will dip to the 1.9300 zone without a fresh catalyst!