NZD/JPY has been trading sideways inside a trading range or rectangle on its 1-hour forex chart, with resistance around the 80.80 handle and support around the 80.00 major psychological level. Price is currently testing the support area around 80.00, so an opportunity to trade within the range by going long may present itself soon. Be careful, though, since the moving averages are still indicating a downtrend and the head-and-shoulder reversal pattern that Happypip identified in her blog is still in play, so a downside breakout is also a possibility.
EUR/NZD has been bouncing around inside a rectangle for the past few days. The rectangle’s resistance is around the 1.6530 handle while its support area is around the 1.6330 handle, which gives us a pretty wide 200-pip trading range. Presently, price is moving away from the rectangle’s resistance area, but be careful since stochastic is about to enter oversold territory, so there’s a small chance of an upside breakout. In any case, make sure to practice proper risk management should you find a trade based on this or any of the other charts, alright?
NZD/CHF has been trading inside a tight, 80-pip rectangle with resistance at 0.6610 and support around the 0.6530 handle. Price is currently milling about above the support area at 0.6530, so y’all better start lookin’ for opportunities to go long. Looking at our technical indicators, the moving averages are still in downtrend mode while stochastic is pointing down again without having quite reached the overbought region, so be careful since that could mean that forex trader who are bearish on the pair may be gearing up for an attempt at a downside breakout.
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To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis. Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals