Up and at ’em, forex folks! I hope you’re in the mood to trade currency crosses today, because I’ve spotted sweet support and resistance setups that you wouldn’t want to miss. Check it!
I spy with my blue, bedroom eyes a range play in the making! AUD/JPY is having trouble breaking below the 84.50 handle, which is right smack at a range support that hasn’t been broken since mid-2017.
What makes the setup more interesting is that a bullish divergence seems to have popped up on the daily time frame. Question is, will the bulls charge this week?
Buying at current levels could give you a good reward-to-risk ratio especially if you place your stops below the previous lows and aim for the top of the range near 89.00.
If you’re one of them Aussie bears, though, then you could also wait for a break below the range support and trade a breakout or even a breakout retest play and short the comdoll against the yen.
Whichever bias you choose to trade, make sure you practice good risk management decisions when you execute your trading plans!
Here’s another simple play for ya! As you can see, NZD/CAD bulls and bears are playing tug-o-pips around the .9250 handle, which lines up with a strong support from the first half of 2017.
With stochastic chillin’ in overbought territory, you can bet your pips (with proper risk management, of course) that other bears are already watching this one.
Think the Kiwi will turn lower against the Loonie? Or will Loonie bears jump in and push for a retest of the previous highs near .9600?
Watch this one closely, fellas!