Whether you like trading short or long-term forex trades, I got yo back with these trend and range plays on EUR/JPY and NZD/USD. Get ’em while they’re hot!
EUR/JPY has fallen by 100 pips after finding resistance at the 131.50 area. What makes the retracement more interesting is that the pair is currently near the channel support that’s right around the 100 and 200 SMAs on the 1-hour time frame.
Think the euro will gain pips more pips on the yen? Buying at current levels could get you a pretty good reward-to-risk ratio especially if you think that EUR/JPY will pop back up above the 131.50 area and you place your stops just below the channel.
If you’re one of them euro bears, though, then you could also wait for the pair to break below the channel that we’re watching and aim for a move down to the 129.50 – 130.00 areas of interest.
Trend-trading not your thing? Here’s one for ya! NZD/USD is about to hit the .6850 handle, which is right smack at a major range support level on the daily chart. And with stochastic chillin’ like a villain on the oversold region, you can bet other bulls are also watching this one.
Aiming for the .7400 range resistance could get you at least 500 pips. Remember that we’re playing the long game, though, so a lot could still happen before NZD/USD gets enough bullish momentum to retest the resistance.
Just make sure you place wide stops on longer-term trades like this, aight?