Got my eye on a couple of Kiwi plays and I’m seeing more confirmation to hop in that big trend I’ve spotted on GBP/NZD a while back. Take a look!
Here’s the big GBP/NZD trend I’m talkin’ about! Price is down to the bottom of its ascending channel, which seems to be holding up quite well. At the same time, stochastic looks ready to climb out of the oversold region to signal a return in bullish momentum.
In that case, the pair could rally back to the top of the channel or at least until the mid-channel area of interest around 1.9700, which previously held as support. A break below the latest dip to 1.8628, on the other hand, could confirm a reversal of this long-term uptrend.
Now here’s a simple break-and-retest situation materializing on the 4-hour time frame of NZD/JPY. Price recently busted through its long-term descending trend line to indicate that a reversal is underway.
However, resistance around the 77.50 area held and price could be due for a correction while stochastic heads lower. Buyers might be waiting at the broken trend line, which coincides with the 38.2% to 50% levels where buyers might be waiting.
Lastly here’s another potential retracement play on the 4-hour chart of EUR/AUD. The pair previously broke below the 1.6000 major psychological support and tumbled all the way down to the 1.5520 mark.
A correction seems to be brewing and applying the Fib tool on the latest swing high and low shows that the 61.8% level is closest to this area of interest. However, it looks like the 38.2% mark is enough to keep gains in check while stochastic makes its way back down.
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