Bulls and bears be tryin to bust each other’s cap and stuff, but them foos be frontin’ or maybe nobody really got no advantage over the other. Know what I’m sayin? Anyhow, the pair has been chillin while tapering to a point. And in the process, a symmetrical-ish triangle has formed. A symmetrical-ish triangle could break out in either direction. And should there be a breakout, then the resulting move may have enough momentum for a 170-pip move.
Oh, just make sure to keep an eye on how the pair reacts to 1.4090 (if long) or 1.3880 (if short), ‘coz them price areas have seen some rather significant market interest in the past. There’s therefore a chance that price may get rejected, especially if momentum loses steam just before price reaches them price areas. Know what I’m sayin?
EUR/NZD has been steadily grinding lower while bouncing up and down inside that there descending channel. Presently, the pair be close to the channel’s resistance area, so y’all better start lookin’ for opportunities to go short–all the more so given that stochastic has just left overbought territory. Know what I’m sayin? Also, as y’all can see on that there chart, the pair seems to be havin’ a real hard time moving higher past the area of interest at 1.5140, which is another technical reason to favor a bearish bias on the pair. However, there’s always a chance that the pair may break to the topside instead, so y’all better make sure to practice proper risk management, aight? Or, if you be gangsta enough, then y’all may even wanna prepare for such a bullish scenario.
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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.