Word up, fam! We’ll be taking a stroll down memory lane in today’s intraday charts update since we’ll be checking up on our old setups on NZD/CHF and NZD/USD. And as always, we’ll be lookin’ for fresh plays as well.
And it took a while, but the pair finally chose to break to the topside. Aww, yeah! Heck, the pair even cleared the key area of interest at 0.6970, so we now have a clear bullish bias on the pair and congratulations if you were able to jump in with a long.
Anyhow, the pair appears to be hesitating at the next area of interest at the 0.7000 major psychological level. If 0.7000 acts as resistance, then the pair will likely retrace to 0.6970.
And if the pair does dip, then that may give us a chance to add to our longs or open fresh longs if any y’all missed the breakout move.
Just note that if the pair keeps moving lower and takes out 0.6950, then y’all may wanna start thinking about bailing yo longs since that’s an early sign that bears are in control and attempting to invalidate the triangle breakout.
Back then the pair was testing the rectangle’s resistance at 0.6820. However, I warned y’all that the risk of a breakout is always there. As such, I told y’all that if 0.6820 fails to hold as resistance, and the pair then clears 0.6840 on strong bullish momentum, then that likely means that bulls are shooting for 0.6920.
Well, check that out, homie! That’s right! The pair is currently hesitating at 0.6920 after staging an upside rectangle breakout. So if you were able to ride the pair, then congratulations on bagging some delicious pips. Aww, yeah!
And since the pair is hesitating at 0.6920, today’s play might as well be a Fibonacci retracement setup. And it looks like all retracement levels are in play. Although the 61.8% retracement level appears to be the most conservative since it sits right smack on the key area of interest at 0.6840. Also, the pair will be testing that there rising trend line if the pair does pull back all the way to 0.6840.
In any case, just remember to practice proper risk management as always, a’ight? Also, do note that if the pair keeps sinking and breaks lower past 0.6820, then y’all may wanna abandon the bullish ship since that invalidates the breakout move.