I hope you’re in the mood to trade short-term trends today, cause I got hot forex trade opportunities on USD/JPY and NZD/USD that you wouldn’t want to miss!
USD/JPY looks like it’s just about ready to retrace after falling below the 109.00 handle in the last trading session.
The 110.30 area is a good level to watch, as it lines up with not only the 61.8% Fib retracement, but also a previous support that’s near the 100 and 200 SMAs on the 1-hour time frame.
A long trade until the pair sees fresh bearish momentum could give you some quick pips if you’re confident that the pair would go back above 110.00. Of course, you could also wait for the pair to make new lows and ride the downtrend if you think that the bulls won’t have enough muscle to push the pair to its previous support.
The pair has quite a bit to go before hitting the level, so y’all still have time to whip up your trading plans before setting your orders on this one!
Trends are friends until they end! NZD/USD is flirtin’ with the .7350 minor psychological handle, which is just above a rising trend line that hasn’t been broken since early December. What’s more, it’s also near the 100 and 200 SMAs on the 1-hour time frame!
Buying at current levels could give you a good reward-to-risk ratio especially if you think that Kiwi would make new 2018 highs against the Greenback.
If you’re not a fan of Kiwi, though, then you could also wait for the pair to break below the strong trend line and play for a move back down to the .7250 – .7300 levels or even the .7000 major psychological handle.
Whichever bias you choose, make sure you practice good risk management tricks when you execute them trades, aight?