The place my Kiwi-trading mates at?
At the moment we’re taking a look at long-term assist and resistance alternatives for NZD.
Check out EUR/NZD and GBP/NZD’s charts to see if you may make trades out of their patterns!
EUR/NZD Every day Foreign exchange Chart
Euro bulls have had a very good couple of months in opposition to Kiwi, rising by greater than a thousand pips between November to January.
The tides modified initially of the month although! EUR/NZD ended up bouncing from the 1.7350 space and it’s now buying and selling nearer to 1.6750.
Take word that the present value strains up with not solely the 50% Fibonacci retracement of the final upswing but additionally the 200 SMA on the each day chart. Heck, it’s a number of pink candlesticks away from the damaged development line resistance!
Bulls who wish to play the break-and-retest recreation can begin scaling in at present ranges and including as soon as EUR/NZD sees bullish momentum. The 1.7350 earlier excessive is an efficient start line although you can too goal ranges above 1.8000 if there’s sufficient shopping for strain.
Really feel like EUR/NZD is extra prone to return to its 2021 downtrend as a substitute? You would possibly wish to wait till EUR/NZD is firmly under the development line assist earlier than you goal for earlier lows close to November’s costs.
GBP/NZD Weekly Foreign exchange Chart
I spy with my eye a easy vary play!
GBP/NZD simply turned from the two.0500 psychological space, which marks the resistance of a variety that’s been round since October 2018. That’s across the time our dude Rami Malek gave us sturdy Freddie Mercury vibes!
Pound bears who’re taking note of the vary resistance and overbought Stochastic sign can brief at present ranges and goal for the 1.9900 inflection level or the 1.9500 mid-range ranges.
Should you’d slightly purchase GBP/NZD, then you possibly can zoom in on the decrease time frames to see if the pair positive factors sufficient momentum to retest the large 2.0500 zone.
