NZDUSD seems to be finding support while pushing against a rising trend line. If we get another bullish candle here, I'll be entering a long position. Ill keep a close eye on our momentum as we approach the 50% fib level at 0.71251. It we show no sign of slowing down I'll adjust my stop and look to ride the trend up to the 61.8 fib level. See chart for level values.
EUR/GBP has been range-bound for days. Bollinger bands are tightening, as I am waiting for the imminent breakout and run up or down to well defined support and resistance zones. If we see a strong break to long side: Buy: 0.84465 Stop: 0.386895 Target: 0.86075 If we see a break to the short side: Sell: 0.82695 Stop: 0.83285 Target: 0.80389
Picked up over 100pips on this trade so far. Moved stop losses to break even. Still maintain original prediction, more downside coming. watch and wait for price to test key levels on the way down. Keep a close eye on event risk for tuesday May 5th. If US posts optimistic PMI numbers, and technicals show a sustained break below 1.1 levels, pyramid short position.