Whattup, forex and crypto friends!
We’re taking a closer look at trends today.
Specifically, we’re checking out what’s up with EUR/NZD’s pullback and Ether’s (ETH/USD) reversal pattern:
I don’t know if you’ve noticed but EUR/NZD has been on an uptrend since mid-August when the pair found support at the 1.5900 psychological area.What makes the pair interesting today is that it hit new monthly highs just under 1.7100 before the EUR bulls took a breather and the sellers stepped in.
How high can EUR/NZD fly?
Watch out for momentum above 1.7000 which could take EUR back to the 1.7100 area or even new monthly highs.
If you REALLY want to sell EUR against NZD, then you’ll want to do it after EUR/NZD breaks below the 100 and 200 SMAs on the 1-hour time frame.
Looking for reversals? Ether’s chart may give you the pips you want!
Ether (ETH/USD) is forming what looks like a Reverse Head and Shoulders pattern after trading a downswing in mid-September.Will we actually see a reversal?
Take note that ETH/USD’s downtrend from mid-August remains intact, and that the 100 and 200 SMA dynamic resistance zones are not too far from current prices.
If you think that ETH bulls are ready for an upside breakout, then you watch out for a clear break above the pattern’s “neckline” and then target areas of interest like $1,500 and $1,570 at the first signs of a breakout.
Not convinced that ETH/USD will see more buyers?
You can also wait for a rejection and then short-term bearish momentum below the neckline before targeting inflection points like $1,300 or $1,225.
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