Looking to go with the flow or hoping to catch a reversal?
Either way I’ve got you covered with these setups on WTI crude oil and GBP/NZD!
Better keep close tabs on these inflection points:
GBP/NZD 1-hour Forex Chart
Heads up for a reversal on this one!
GBP/NZD made a couple of failed attempts to bust through the 1.9100 mark, creating a double bottom on its hourly time frame.
The pair seems to be setting its sights back on the neckline resistance at the 1.9350 minor psychological level, and a break higher could spur an uptrend that’s the same height as the chart pattern.
Technical indicators are suggesting otherwise, though, as the 100 SMA is still below the 200 SMA to reflect bearish vibes. At the same time, Stochastic is heading south, so price could follow suit while bears have the upper hand.
If resistance holds, watch out for another dip to the recent lows or even a break lower!
WTI Crude Oil (USOIL) 4-hour Chart
Check out this textbook trend setup on the 4-hour chart of WTI crude oil.
The commodity price has been cruising lower inside a falling channel with its lower highs and lower lows since mid-November.
Another test of the channel top might be in the works, as crude oil is bouncing off support. Stochastic is on the move up to show that buyers are in control while sellers take a break.
Are bears about to hop in again soon?
The handy-dandy Fib tool shows where sellers might be hanging out. The 61.8% Fib lines up neatly with the channel top and 100 SMA dynamic resistance around the $78.15 per barrel level.
A shallow pullback could already hit a ceiling at the 38.2% Fib just slightly above the $75 per barrel major psychological mark and area of interest.
In any case, moving averages are pointing to a continuation of the selloff, as the 100 SMA is below the 200 SMA and is widening the gap to reflect strengthening bearish momentum.
If any of the Fibs hold as a ceiling, crude oil could be well on its way back to the swing low or the channel bottom closer to $70 per barrel.
