Can’t decide if you wanna trade majors or crosses today? Don’t worry, I got yo back with these short and long-term trend plays on EUR/USD and NZD/JPY!
Somebody holler at Huck because this setup is too good to miss! EUR/USD is about to hit the 1.1950 handle, which is right smack at a rising channel support AND the 100 and 200 SMA area on the 1-hour chart.
With stochastic chillin’ like a villain on the oversold territory, you can bet your pips (with proper risk management, of course) that other traders are already watchin’ this one.
You can buy at the earliest signs of an upside bounce if you wanna get a sweet reward-to-risk ratio and aim for the 1.2100 previous highs.
But if you’re one of them breakout playas who don’t like the euro, then you could also wait for the pair to break below our identified support areas and trade a downside break that could drag EUR/USD to the 1.1850 area of interest. Watch this one closely, brothas!
A couple of days ago we identified a possible long-term channel support situation on NZD/JPY. And after hitting and playing around the levels we identified, it looks like Kiwi is about ready to take off.
The pair just posted a nice long bullish candle after bouncing from the 78.50 levels. What’s more, the bullish divergence on the chart is still on like Donkey Kong!
Buying at current levels could get you a sweet reward-to-risk ratio especially if you place your stops just below the channel support and aim for the previous highs near 84.50. If you’d like to wait for a bit more momentum before buying, though, then you could also wait for the pair to jump over the SMA hurdles before you put on your long trades.
In any case, make sure y’all have your trading plans locked in when you do trade these setups, aight?