Whether or not you’re into pattern buying and selling or breakouts, I’ve obtained some setups value watching on at present’s canvas!
Take a look at these potential performs on the 4-hour charts of EUR/NZD and CAD/JPY.
This foreign exchange pair has been forming larger lows since November final 12 months, cruising above a rising trend line seen on its 4-hour time-frame.
Is the pattern nonetheless our good friend on EUR/NZD?
A correction to the pattern line help appears to be underway, and worth might discover extra consumers across the Fib levels. Particularly, the 50% to 61.8% Fibs span an space of curiosity across the psychological ranges 1.6950 and 1.7000, so merchants is likely to be ready with their lengthy orders proper there.
Stochastic is already on the transfer up, although, and EUR/NZD appears to be bouncing off the 38.2% Fib that strains up with the 100 SMA dynamic support. Additionally, the 100 SMA is above the 200 SMA to verify that the pattern is extra more likely to resume than to reverse.
I’d keep looking out for an upside break from the short-term consolidation since this would possibly sign that the pair is able to head as much as the swing excessive at 1.7360 or larger.
Right here’s one for the momentum hunters on the market!
CAD/JPY has fashioned larger lows and decrease highs to consolidate inside a triangle pattern, and the pair has simply bounced off the underside.
Worth is simply midway by way of on its climb again to the highest, so there would possibly nonetheless be some room to affix within the rally. In spite of everything, Stochastic continues to be heading north, so CAD/JPY might observe swimsuit whereas bullish stress is in play.
If Loonie bulls are robust sufficient, they may even cost previous the triangle high and go for an uptrend that’s the identical peak because the chart formation. That’s roughly 200 pips yo!
Then once more, the 100 SMA is under the 200 SMA to counsel that resistance is extra more likely to maintain than to interrupt. When you’re bearish on this one, maintain your eyes peeled for reversal candlesticks across the 91.00-91.50 ranges.