If you’re lookin’ for short-term plays on the Kiwi, then I’ve got your fix since I’ve got a channel on NZD/JPY and a retracement setup on GBP/NZD in today’s intraday charts update.
NZD/JPY’s price action has been tilting to the upside recently. Moreover, the pair appears to be trending higher inside that there ascending channel.
And looking at the chart above, we can see that the pair is currently testing the channel’s support at 76.90. Y’all may therefore wanna start lookin’ for opportunities to go long on the pair.
And all the more so, given that stochastic is already signaling oversold conditions and all that. Also, them moving averages just recently crossed-over into uptrend mode.
As always, just keep in mind that there’s always a small chance that the pair may break to the downside instead. The downside break ain’t validated until the pair moves lower past 76.50, though. But if the pair does move lower past 76.50, then y’all may wanna think about bailing yo longs, if you still have ’em for some reason.
GBP/NZD slumped hard recently after breaking that there rising trend line. However, the pair found support at 1.9270 and is pulling back.
We’re still mainly bearish on the pair, though. After all the pair did break the rising trend line. And if we look at our technical indicators, we can see that stochastic is already signaling overbought conditions. Them moving averages, meanwhile, just recent crossed over into downtrend mode.
And since the pair is pulling back, today’s play is obviously a Fibonacci retracement setup.
And if we apply our handy Fibonacci tool, we can see that the pair still has some distance to go before reaching any of the retracement levels. We can also see that the 38.2%, 50%, and 61.8% retracement levels all look like valid pullback areas since they line up with the areas of interest at 1.9420, 1.9470, and 1.9520 respectively.
However, the pair is already hesitating at the area of interest at 1.9380. There’s therefore a chance that the pair may resume its downward trek without ever reaching any of the retracement levels.
And while a switch to an uptrend seems unlikely at the moment. A move higher past 1.9550 would likely signal that bulls are taking control.
In any case, just remember to practice proper risk management as always, a’ight?