Who’s up for swing buying and selling comdolls?
I hope you’re as a result of GBP/CAD is in a candy spot for development playas whereas NZD/JPY appears to be like prepared for a reversal.
Examine these setups out whereas they’re sizzling!
GBP/CAD has been buying and selling in a downtrend since mid-February when the pair acquired rejected from the 1.7400 psychological deal with.
Will the development be GBP merchants’ good friend this week?
GBP/CAD is hanging out slightly below the 1.5900 psychological deal with that’s additionally close to a descending channel resistance on the 4-hour timeframe.
However wait, there’s extra! Observe that GBP/CAD’s present costs are additionally proper across the 100 and 200 SMAs on the chart.
Shorting on the first indicators of bearish momentum would make for a very good commerce in the event you consider that GBP/CAD isn’t achieved with its downtrend simply but.
June’s lows close to 1.5525 is an effective place to eye although you too can goal inflection factors like 1.5470 or 1.5300 if there’s sufficient promoting momentum.
Not satisfied that GBP will see extra losses in opposition to CAD? You can even look ahead to a transparent break above the channel and moving average resistance and goal earlier goal areas of curiosity close to 1.6150 or 1.6325.
I spy with my eye a possible reversal within the making!
NZD/JPY acquired rejected from the 86.50 ranges not as soon as, however TWICE up to now this month.
The pair is now sporting a Double Top pattern on the 4-hour timeframe with its “neckline” close to the 83.00 psychological stage.
Shorter-term merchants can benefit from NZD/JPY’s bearish momentum and journey a attainable retest of the 83.00 zone.
In the meantime, extra conservative merchants can look ahead to a transparent break beneath the neckline earlier than aiming for earlier lows close to 81.00 or 80.00.
For those who’d reasonably purchase NZD in opposition to JPY, you then’ll wish to do it as quickly as you see the 100 SMA, 200 SMA, or the Double High neckline holding as help.
The 86.50 earlier resistance would make a very good goal for the bulls, although you too can goal for brand new month-to-month highs in the event you see sufficient shopping for stress.