The 200 SMA is doing a great job of scaring off the bears so now GBP/NZD is taking a chill pill at the 1.9675 zone just under the mid-range support.
Can the bulls keep defending the 200 SMA? Or will the bears finally break through and retest the 1.9600 range support?
The oscillator’s “oversold” signal is giving me “time to buy” vibes rn, but you gotta wait for a couple more candlesticks unless you like getting stuck in fakeouts.
If GBP/NZD trades and stays above the 1.9700 mid-range support, then y’all can start targeting the 1.9800 range resistance.
But if the bears break below the 200 SMA, then look for a potential trip to the 1.9600 range support for range bounce or range breakout opportunities.
The bears got something to prove at the .7225 zone, though, which isn’t surprising since the area had served as resistance at least twice in early 2019.
AUD/CHF is now stuck in what looks like an ascending triangle, which means that we hafta wait for a breakout unless we love getting caught in fakeouts.
A break above the .7225 resistance could take the Aussie to a retest of the .7400 area that was a major inflection point back in 2017 and 2018.
But wait! Before you buy the Aussie like there’s no tomorrow, you should remember that not all ascending triangles break to the upside.
If you see AUD/CHF trading below its trend line support, then you should at least consider targeting areas of interest like .7000 or .6850.
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