Welcome to the last trading day of the week!
If you’re looking for longer-term setups to trade, then you’ll want to see EUR/CAD’s trend and GBP/NZD’s daily range.
Get ’em while they’re hanging out near key areas of interest!
GBP/NZD: Daily
GBP/NZD Daily Forex Chart
First up is a nice and simple range setup on GBP/NZD’s daily time frame.
See, GBP zoomed up from its 1.8200 lows last week and went alllll the way up to the 2.0000 psychological handle before the bears did a Gandalf and said, “YOU SHALL NOT PASS!”
GBP/NZD is currently trading closer to 1.9700 but it looks like the pair has more room to drop.Stochastic is still flashing an overbought signal on the daily while the mid-range level and other major areas of interest are still hundreds of pips away.
GBP bears who believe that GBP/NZD’s jump last week was a fluke can price in a return to mid-range of even the range support levels.
Just make sure that you leave enough room in your stop losses for GBP/NZD’s average volatility!
EUR/CAD: Daily
EUR/CAD Daily Forex Chart
Where my trend-trading friends at?
EUR/CAD has reached the first major Fibonacci retracement level after turning higher from the 1.3000 major psychological handle.I got my eyes on the 1.3800 zone that’s closer to the descending channel resistance that hasn’t been broken since early 2021.
Of course, EUR/CAD’s upswing can also find sellers around the (a) current prices, (b) 50% Fib pullback or (c) the daily chart’s 200 SMA.
What do you think? Will EUR/CAD’s upswing encounter enough sellers to keep it in its downtrend?
Or are we looking at the start of a longer-term reversal?
