Looking for setups to trade before the week ends?
AUD/USD is testing an ascending channel support while GBP/NZD is hitting resistance at a previous support zone.
Check them out!
AUD/USD: 1-hour
In case you missed it, AUD/USD has been rising since finding support at the .7000 psychological area in late January.
AUD/USD is now trading at .7130, which is around an ascending channel support and the 100 and 200 SMAs on the 1-hour time frame.
Are bulls seeing pullback entry opportunities? Buying at the first signs of momentum would make for a good trade especially if you’re confident that AUD/USD will revisit its February highs.
If you think that this week’s downswing will lead to a bearish reversal, however, then you can also start placing orders below the channel support.
.7075 makes for a good initial target but you can also look at .7000 for exit opportunities.
GBP/NZD: 1-hour
Here’s a siple S&R play for ya! GBP/NZD is trading around the 2.0350 zone that has served as support last week.
What makes the retest interesting today is that price is lining up with the 100 and 200 SMAs on the 1-hour chart.
Oh, and check out Stochastic flashing an overbought signal!
Hesitation or consolidation around the current levels could lead to a dip back to the 2.0225 February lows.
If GBP/NZD’s upswing gains momentum, though, then the pair could make plays for February’s highs near 2.0450 or 2.0500.
