It’s Friyay, errrbody! Time to get your last-minute pips with these sizzling forex range plays on NZD/USD and GBP/JPY. Get ’em while they’re hot!
First up is a nice and simple range play on NZD/USD. As you can see, the pair is struggling to drop below the .6825 level, which is right smack at a range support on the 1-hour time frame.
What makes the setup even more interesting is that a bullish divergence has formed on the chart. But will that lead to more gains for Kiwi?
Buying at current levels would get you a good reward-to-risk ratio especially if you place your stops just below the support and aim for the top of the range near .6900. Keep close tabs on the .6850 mid-range resistance, though, as the pair could also bounce lower from the area of interest.
Not a fan of dollar or comdolls these days? Here’s one for ya! Guppy is testing the 152.50 level, which lines up with the top of the 500-pip range that we identified a couple of days back.
With stochastic just hitting overbought territory, you can bet your pips (with proper risk management, of course) that pound bulls and bears are already watching this one.
Will pound bears defend the resistance area and drag the pound back down? Or will the bulls push through and force an upside breakout? The pair is already at make-or-break point, so y’all better whip up your trading plans quickly!