The ascending channel setup for NZD/CHF that we first discovered last Thursday is still intact. In fact, the pair climbed about 70 pips higher since last we saw it. And y’all better get ready to start looking for opportunities to short, since the pair is about to test the channel’s resistance area. Going short near an ascending channel’s resistance area is a counter-trend setup, though. So more conservative forex traders may wanna sit this one out for a while.
GBP/NZD surged higher but the pair soon found enough sellers to stall (but not stop) the pair’s bullish advance. In the process, an ascending channel has now emerged. The pair is currently testing the channel’s support area, so an opportunity to go long may soon present itself. And looking at our technical indicators, we can see that the moving averages are still in uptrend mode. Stochastic, meanwhile, is already signaling oversold conditions. the only worrying thing here is that price has been closing below the moving averages, since that may mean strong bearish interest.
As y’all can see on that there chart, EUR/NZD has been steadily grinding lower while bouncing up and down inside a descending channel. And presently, the pair seems to be gunning for the channel’s support area, so an opportunity to go long may soon appear. More conservative trades should take note, however, that going long in a descending channel is a counter-trend setup. But for the more gangsta traders out there, just know that stochastic is already indicating oversold conditions. Anyhow, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, alright?
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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.