Whether you like trading short time frames or daily charts, I got yo back with these hot forex trade opportunities on EUR/GBP and NZD/JPY. Check ’em out!
Countertrend traders huddle up! NZD/JPY is having trouble breaking below the 81.50 psychological area, which isn’t surprising since it’s right smack at a rising channel resistance on the 1-hour time frame.
Stochastic is also chillin’ like a villain in overbought territory, so it will be easy for traders to pounce at the earliest signs of bearish momentum.
However, if the pair DOES break above the channel, then we might be looking at revisiting the 82.50 – 83.00 previous resistance levels. Watch this one closely, will ya?
Support alert! After falling below the range that we spotted last week, EUR/GBP is now happily back at the .8750 area.
As you can see, the level lines up with a much bigger support on the daily time frame. And with stochastic hitting oversold territories, you can bet your pips that bulls and bears are already keeping tabs.
Buying at the earliest sign of bullish momentum could get you decent pips especially if you think that the euro would break above the Q4 2017 highs and reach its previous resistance near .9250.
If you’re a euro bear, though, then you could also wait for a convincing break below the support and aim for at least the mid-range support near the .8550 levels.
Whichever bias you choose to trade, make sure you practice good risk management practices when you do execute your trades, aight?