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NZD/JPY: 4-hour

NZD/JPY 4-hour Forex Chart
NZD/JPY 4-hour Forex Chart

First up is a nice and simple trend play on NZD/JPY. The pair looks like it’s finding resistance just below 78.50, which isn’t surprising since it lines up with a falling channel resistance that hasn’t been broken since early February. And look at the 100 SMA chillin’ like a villain just above the channel!

Will we see NZD/JPY make new 2017 lows this week? Shorting at current levels could still get you a decent enough reward-to-risk ratio especially if you aim for the channel bottom around 76.00 and place your stops just above the channel.

Try not to use tight stops though. After all, currency crosses like these tend to see more volatility than the majors!

EUR/GBP: Daily

EUR/GBP Daily Forex Chart
EUR/GBP Daily Forex Chart

Now here’s a trend that keeps on giving! EUR/GBP is not testing the .8500 major psychological handle, which is right smack at a trend line support that has been solid since November 2015.

What makes the setup more interesting this time is that the 100 SMA has crossed BELOW the 200 SMA for the first time since the uptrend began. Stochastic, however, has just reached the oversold territory.

Will EUR/GBP extend the uptrend? Or will the bears succeed in pushing for a downside breakout? You can buy around the current levels if you want to be aggressive with your entry, while more conservative traders can wait for a bit of upside momentum before placing long trades.

Watch your trades closely, though! The pair is in a potential symmetrical triangle, which could lead to a breakout in either direction. Stay sharp!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis. Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.