forex Heike Chart Art: Trend Continuation Plays on NZD/USD and NZD/CHF

Heike Chart Art: Trend Continuation Plays on NZD/USD and NZD/CHF

Welcome to the last trading day of the month, yo!

End it strong by taking advantage of NZD/USD and NZD/CHF‘s hot setups on the 1-hour and daily time frames.

NZD/USD: 1-hour

While NZD/USD has been climbing along a rising trend line since mid-May, it’s only this week that the bears have shown some real muscle. NZD/USD can’t trade past the .6230 area, yo.

The triangle pattern is nearing its end, so y’all have better odds trading a breakout.

A long trade above this week’s highs would make sense if you believe that the Kiwi will keep making pips against the Greenback.

You can check out MarketMilk’s volatility analysis for clues on potential stop and profit targets.

If you think that NZD/USD is due for a reversal or at least a deep pullback, then you should at least wait until the currency pair breaks below the trend line and make sure that the 100 and 200 SMAs don’t hold as support.

Watch this one closely!

NZD/CHF: Daily

Shorting at current levels would give you a high reward-to-risk ratio if NZD/CHF goes back down to its downtrend and drops to its previous lows.

Think NZD/CHF bulls will keep calm and carry on instead? You can wait for the pair to trade above the 100 SMA and then target potential visits to the 200 SMA or the .6230 previous area of interest.

What do you think? Where will NZD/CHF go next?

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forex
Monday, June 1, 2020

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