I hope you’re in the mood to trade the comdolls today, because I’ve got hot swing and long-term forex trade opportunities on AUD/USD and NZD/JPY that you wouldn’t want to miss. Check it!
Here’s a nice and simple one for ya! NZD/JPY just hit the 79.25 area, which is right smack at a previous support and resistance level on the pair’s 4-hour chart.
What makes the setup more interesting is that stochastic is chillin’ like a villain in oversold territory. But are these enough to push Kiwi back up against the yen?
Buying at the earliest signs of bullish momentum is a good play if you’re confident that the New Zealand dollar will bounce back to the 81.25 highs. If you’re one of them Kiwi bears, though, then you could also wait for a clear break below the level before you bet on a downside breakout.
Whichever direction you choose to trade, make sure you stick to your trading plan when you execute!
Here’s one for the trend warriors out there! AUD/USD encountered resistance just below .8150 and is now on its way to the .7850 psychological area.
If you look closely, you’ll see that the level lines up with not only a mid-channel support, but also the 50% Fibonacci retracement line sitting above the 100 and 200 SMAs.
Think the Aussie will find support around the level? Stochastic hasn’t quite reached oversold status yet, so y’all still have time to whip up your trading plans if you do decide to trade this trend.