Happy Friyay, errbody!
If you’re looking for your last-minute trades, then you should check out NZD/USD’s downtrend and EUR/GBP’s support zone.
Which setup will you more likely trade?
NZD/USD: 1-hour
NZD/USD 1-hour Forex Chart
NZD/USD has renewed its months-long downtrend after hitting resistance at .6350. Heck, the pair is trading inside a descending channel!
The odds favor trend continuation as NZD/USD finds it hard to bust above the .6150 psychological level.
As you can see, .6150 lines up with the 100 SMA and is not far from the 200 SMA and channel resistance zones.
NZD bears can start scaling in short positions at current levels and then add volume as soon as the pair hits the 200 SMA or gains bearish momentum on the 1-hour time frame.
Feel like NZD/USD is ready for a trend reversal? You can also place long positions above the channel and 200 SMA but you gotta wait for a legit breakout so you don’t get caught trading a fakeout!
EUR/GBP: Daily
EUR/GBP Daily Forex Chart
I spy with my eye an SMA crossover on the daily!
EUR/GBP’s 100 SMA just crossed above the 200 SMA, which is notable enough if it also hadn’t happened while the pair is finding support from a broken trend line resistance.
But wait, there’s more! Aside from being a potential support zone, the .8450 minor psychological area also lines up with the 61.8% Fibonacci retracement level of May and June’s upswing.
Is EUR/GBP ready for a longer-term bounce?
Momentum above the .8500 MaPs can push EUR to its .8700 previous highs. EUR/GBP might even revisit .9000!
If you see EUR/GBP dipping back below the trend line, though, then EUR could head towards the .8200 support or new 2022 lows.
