Up and at ’em, forex brothas! Get over the mid-week hump with these simple support and resistance plays on USD/CAD and NZD/JPY!
NZD/JPY has bounced by about 100 pips from its 76.00 low, which isn’t surprising since the level is right smack at a previous support and resistance level on the daily time frame.
The 78.50 and 80.00 levels are pretty good areas to target if you’re planning on buying the Kiwi. Stochastic has also just left oversold status, so y’all still have room to enter if you’re buying.
If you’re not a fan of Kiwi, though, and would rather buy the yen, then you could also wait for a break below the 76.00 support that we’re watching. Just make sure you got yo breakout playbooks set before you place your orders!
Breakout alert! USD/CAD just broke above the 1.2900 level, which had held as resistance in late 2017.
The pair hasn’t found bullish momentum with the breakout, though. In fact, it’s currently testing the 1.2900 previous resistance on the chart. Does this mean that USD/CAD could still see a trip back to sub 1.2900 levels?Buying at new weekly highs is a good idea if you’re convinced that USD/CAD’s breakout is legit and that it will head to its previous highs near 1.3700.
But if you’re one of them dollar bears or Loonie bulls, then you could also wait for a break below the 1.2900 handle and aim for the 1.2650 or 1.2500 areas to get some pips.
Whichever direction you choose to trade, make sure you practice good risk management when you execute your trading plans!