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I’ve got a couple of short-term setups on the Kiwi in today’s intraday charts update. To be more specific, I have a channel on NZD/CAD and a Fibonacci play on NZD/CHF. Check ’em!

NZD/CAD: 1-Hour

NZD/CAD: 1-Hour Forex Chart
NZD/CAD: 1-Hour Forex Chart

After sliding for a while, bulls were finally able to wrestle control from them bears, so NZD/CAD began trading with an upward tilt. And if we connect the most recent peaks and troughs, we get that there fresh ascending channel pattern to play with.

And as I always say, one of the most conservative ways to play an ascending channel is to look for an opportunity to go long when the pair is at or close to the channel’s support area.

Well, lucky us since that’s where the pair is currently at. Moreover, the channel’s support area happens to line up rather nicely with the area of interest at 0.9310, which is another technical argument for support to form here and for the pair to move higher.

Do make sure to keep an eye on how the pair reacts to 0.9350, though, since bears appear to have entrenched themselves there. In fact, the pair’s recent attempt to move higher got stopped and repelled when the pair reached 0.9350.

This also means that there’s currently a higher-than-average chance for a downside channel breakout, so y’all may wanna be extra careful.

And if a downside channel breakout does occur, then bears will likely be shooting for 0.9220 next. If the pair clears that on strong bearish momentum, then that’s a clear sign that bears are in control, so you may wanna bail yo longs (if you still have any) by then.

In any case, just remember to practice proper risk management as always, a’ight?

NZD/CHF: 1-Hour

NZD/CHF: 1-Hour Forex Chart
NZD/CHF: 1-Hour Forex Chart

NZD/CHF spurted higher last week. But as y’all can see, bullish momentum quickly evaporated and the pair began to pull back after the pair found fresh sellers at 0.7290.

Since the pair is pulling back and them moving averages are still in uptrend mode, might as well have a pullback setup as today’s play. Know what I’m sayin?

Anyhow, if we apply our Fibonacci tool, we can see that the pair tested the 38.2% retracement level at 0.7170 before appearing to move back up again.

And while you can’t see it on the chart, 0.7170 is actually a price area with significant market interest. Just switch to a higher time frame like a daily chart and y’all will see what I mean.

Getting back on topic, the fact that 0.7170 is an area of interest means that the recent rise may be sustainable and the real deal.

However, I just wanna point out that there’s still a chance that the pair will have an even deeper pullback to the next area of interest at 0.7090 since that line’s up with a rising trend line.

Y’all may therefore wanna think about and prepare for such a scenario as well. You can even make plans to play both scenario, if that’s your thing.

Forex Chart Settings:

Slow Stochastic: 14, 3, 3
100 SMAs: Blue line
200 SMA: Red line