Yo! If you’re lookin’ for more trend plays on the Kiwi, then lucky you ‘coz I’m serving up a couple more in today’s intraday charts update, with NZD/CAD and AUD/NZD in focus.
NZD/CAD has been in a steady uptrend for some time now. Not only that, the pair has also been bouncing up and down while inside an ascending channel.
The pair recently bounced off the channel’s support area and is already at the mid-channel area. Going long on the pair would therefore be a bit risky.
However, the pair appears to be hesitating at the mid-channel area, likely because the mid-channel area happens to line up with 0.9440, which has served as resistance in the recent past.
There’s therefore a chance that the pair may pull back to test the channel’s support area, which should be at or around the area of interest at 0.9380. And all the more so, given that stochastic is already signaling overbought conditions and all that.
Y’all may therefore wanna put this pair on your watchlist, just in case an opportunity to go long presents itself. As always, however, there’s a risk that the pair may stage a downside channel breakout, so just be ready to bail yo longs if the pair moves lower past 0.9330.
If you’re more bearish on the Kiwi (or bullish on the Aussie), then you may wanna check out that there ascending channel on AUD/NZD’s 1-hour chart.
As y’all can see, the pair’s downward push stalled after the pair reached the area of interest at 1.0740, which is just above the channel’s support area.
And since the pair is currently close to the channel’s support, and since stochastic is already signaling oversold conditions and all that, y’all may may therefore wanna start lookin’ for opportunities to go long on the pair.
As usual, there’s always a risk that the pair may stage a downside channel breakout. Such a breakout needs to smash lower past 0.0710 first, though. If that happens, then y’all may wanna start thinking about bailing yo longs, if you still have ’em.
Anyhow, just make sure y’all remember to practice proper risk management, a’ight?