Looking for trend and breakout plays today?
You’re in luck! NZD/USD looks ready to reverse its trend while GBP/USD just bounced from a trend line.
Check out today’s opportunities:
NZD/USD: 1-hour
NZD/USD 1-hour Forex Chart
Break and retest playas gather ’round!
NZD/USD broke above a trend line resistance last week but has encountered resistance at the .6200 psychological handle.
Luckily, there were enough buyers near .6150, the 38.2% Fibonacci level of last week’s upswing, and the 1-hour chart’s 100 and 200 SMAs.
Will NZD/USD make new weekly highs and eventually sustain an uptrend?
NZD bulls can buy at current levels and place stops below the SMAs for a good risk ratio. You can also buy above .6200 if you’re not confident in NZD/USD’s bullish swing.
Good luck and good trading this one!
GBP/USD: 4-hour
GBP/USD 4-hour Forex Chart
I spy with my eye an Evening Star pattern on Cable’s 4-hour time frame!
If that’s not interesting enough for ya, you should also note that the bearish candlestick pattern happened near a trend line resistance, the 4-hour chart’s 100 SMA, the 38.2% Fibonacci retracement of July’s downswing, AND the 1.2000 psychological area of interest.
Talk about the (Evening) stars lining up!
Trend stans can aim for new monthly lows and place stops above the trend line resistance for a solid risk ratio.
Think GBP/USD’s downtrend will soon lose steam? You can also place long orders above the 100 SMA or as soon as Cable finds momentum above its trend line resistance.
Good luck and good trading this one!
