Prepared for a recent week of foreign currency trading?
Whether or not you’re into short-term trades or when you favor buying and selling them swing setups, I acquired yo again with USD/CHF and GBP/NZD’s setups.
Examine these out and lemme know which setup you want extra!
Keep in mind when USD/CHF reversed a downtrend after consolidating in early November? Effectively, I’m getting a deja vu!
USD/CHF is buying and selling inside a 50-pip range after falling sharply within the final two weeks.
Now that the greenback is flirting with the 100 SMA, I’m not ruling out one other reversal within the making.
Look out for a breakout above the .9220 vary resistance, which may push USD/CHF to the .9250 zone close to the 200 SMA.
If USD/CHF will get rejected on the .9220 space, although, then you may look into shorting the greenback again right down to the .9170 vary assist.
I spy with my eye a Double Top pattern within the making!
GBP/NZD is having bother making new highs above 1.9600, which isn’t shocking for the reason that degree had served as assist from June to August and resistance in October.
Will merchants take cues from the divergence on the 4-hour timeframe? A rejection at present ranges after which break under the 1.9400 “neckline” may result in a retest of the 1.9200 space of curiosity or perhaps a journey again to the 1.8900 lows.
If GBP/NZD makes new month-to-month highs, nonetheless, then the pair may retest the 1.9900 – 2.0000 highs that it made in mid-2021.
Watch this one carefully and ensure to make trading plans for any and all eventualities!