I’m seeing trends buildin’ up on some crosses this week, so here’s a retracement special for y’all. Check out these plays while they’re fresh!
I may have missed the head and shoulders neckline break on this one, but I’m seeing another opportunity to catch the selloff with this pullback setup.
Price gapped up over the weekend and might be due for a test of the newly-formed descending trend line on the 4-hour chart. This is around the 50% Fibonacci retracement level close to the .8850 minor psychological mark.
Stochastic is approaching overbought territory but seems to have some bullish energy left before turning lower, so a larger correction to the broken neckline around .8900 and the 61.8% Fib might also be possible.
I’ve been keeping my one good eye on this uptrend ever since the pair busted through the long-term symmetrical triangle that I’ve tried to play and left a bunch of pips on the table.
GBP/NZD keeps treading higher and is moving above an ascending trend line connecting the lows since late August. Price looks prime for another test of this rising support area, which happens to coincide with the 61.8% Fibonacci retracement level.
Support could also be found around the 50% Fib which is closer to the area of interest at the 2.0000 major psychological level, where several bulls might be waiting.
Steering clear of pound pairs ahead of the EU Summit? Here’s a trend retracement setup on a comdoll cross instead!
AUD/CAD has been cruising lower inside its descending channel for the past four months already and looks ready for another test of resistance around the 61.8% Fib.
However, stochastic is already turning south as price hits the mid-channel area of interest at the 38.2% level. A continuation of the slide could take it down to the swing low at the .9127 level or lower.
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.