It’s Friyay, yo! Catch your last-minute pips with NZD/USD’s uptrend and EUR/USD’s 150-range on the 1-hour time frames while they’re hot!
Remember that Fib play that we spotted earlier this week? Well, it played out pretty well with its 150-pip bounce! This time around, the pair is back to its rising channel support on the 1-hour time frame. Not only that, but it’s also hanging around the 200 SMA levels!
Will Kiwi maintain its uptrend today? Stochastic’s higher lows is hinting of a bullish divergence, so it’s possible to get some tug-o-pip action before we see NZD/USD lean towards a direction.
Buying around current levels could give you a sweet reward-to-risk ratio especially if you aim for the previous highs near .7400. If you think that Kiwi is done gaining against Greenback, though, then you could also wait for a break below said support levels and execute your breakout strategies.
Here’s one for my range-playin’ homies out there! EUR/USD is lollygagging at the 1.1950 area, which is right smack at a mid-range resistance on a 150-pip range.
Stochastic is chillin’ like ice cream villain on overbought territory, so you can bet your next iPhone that other traders are watching this one too. Question is, which way will EUR/USD go?
Shorting at current levels could get you a pip or two (or 70) especially if you aim for the 1.1875 range support. But watch this one closely, fellas! After all, euro bulls could always step in and push for a retest of the 1.2025 range resistance.