Whether you like trading the majors, comdolls, or crosses, I got yo’ back with these hot forex setups on USD/JPY and EUR/NZD!
Trend traders huddle up! USD/JPY is now back at the 112.00 psychological handle after flirting with 113.00 earlier this week.
What makes the current price more interesting is that it’s right smack at not only a mid-channel support but also the 100 SMA on the 1-hour time frame. Oh, and check out stochastic chillin’ like a villain in the oversold territory!
Think the scrilla is in for more gains against the yen? Buying at current levels could still get you a decent enough reward-to-risk ratio if you aim for the pair’s previous highs.
If you’re one of them conservative traders, though, then you could wait for a deeper retracement nearer to the 200 SMA and rising channel support before you place your buy orders. Whatever your trading plan is, just make sure you use proper risk management, aight?
Dollar-trading not your thing? Here’s one for you! EUR/NZD is having trouble making new highs around the 1.5700 psychological handle, which isn’t surprising because it also lines up with a previous support level.
The pair has already dropped by around 100 pips since turning away from the 50% Fib, but y’all still got some chance at huge pips if the bearish momentum drags the pair all the way to its June lows near 1.5300.
If you’re one of them euro bulls, though, and you’re not convinced that the euro will eat Kiwi’s dust, then you could also wait for a break above said resistance areas. In that case, the 1.5900 or even the 1.6200 handles are good bets for potential profit targets.