It seems GBP/USD likes to bounce in the charts. In the 1 hour timeframe, this pair has already tested the trend line for a number of times. The current situation hints yet another bounce. As the pair is currently at the 50 percent Fib support level and stochastic is providing oversold signal, Pound bulls are getting ready to take some rapid action. For getting a ride in the rising trend line, keep looking on the conjunction of the trend line, major psychological mark at 1.6000 and 61.8 percent Fib level.
After the big fall last week, USD/CAD is still trying to get up on its feet. But the bearish divergence formed at 61.8 percent Fib retracement will not make things very easy. While stochastic is making higher highs, price is drawing lower highs. Nonetheless, the oscillator is still in the overbought region. The pair may climb a bit higher, but the climb will be limited within the resistance level. Thin twice before making any decision about this pair.
The last potential of my today’s post provides a combination of divergence and trend line. The pair has already touched the 38.2 percent Fib level, which also coincided with the psychological level at .8400. It is the NZD/USD. It seems the pair will not test the rising trend line several times if it does not make any new highs. The current rising trend line is perfectly combined with 61.8 percent Fib level and a psychological level at .8300.
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