Yo! Last Wednesday, we wuz looking to go short while NZD/CAD was milling about near that there area of interest at 0.9480. And since then, the pair has moved lower for over 200 pips, so give yourselves a pat on the back if ya were able to get a ride. Aww yea, foo!
Anyhow, price is now at the 0.9300 major psychological level, which also happens to be near the channel’s support area. Y’all therefore better start lookin’ for opportunities go long. And all the more so, since stochastic is already signaling oversold conditions.
We last checked up on that there ascending channel over a week ago – on December 9 to be more specific. Back then, like, we wuz mainly lookin’ to go long while price was near the area of interest at 1.7510. And as y’all can see, the pair moved higher all the way to 1.7940. That’s a friggin’ 430-pip move, dawg! If you wuz able to ride it all the way up, then congratulations.
For today’s play, we be lookin’ to go long again, since the pair appears to be pulling back. And for the more gangsta forex traders out there who are looking to go short from here to the channel’s support area, y’all better think twice, cuz. After all, stochastic is about to enter oversold territory already. Do note, however, that price is currently at the mid-channel area. There’s therefore still a chance that the pair may continue moving higher while gunning for the channel’s resistance area.
Last item on today’s Kiwi safari is that there channel for NZD/CHF. We have actually been playing that there channel since November 14, which makes it pretty ancient by intraday standards. Anyhow, the pair moved higher for over 200 pips since November 14, before the bulls got whupped, forcing the pair to finally tanked for almost 200 pips.
And today, we be lookin’ to go long again, since the pair is approaching the the 0.7100 major psychological level, which also happens to line up with the channel’s support are. Stochastic is also looking good. It’s kinda worrying that stochastic was pushed back into oversold territory without ever reaching overbought territory. And that, plus the rather strong bearish momentum of the current downswing, imply strong bearish interest.
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