Who’s up for trading currency crosses? I hope you are, because these swing-term forex trade opportunities on GBP/CAD and NZD/JPY are too good to miss!
GBP/CAD had found support (twice!) around the 1.7250 minor psychological handle. And you know what that looks like? A double bottom, yo!
The 1.7400 handle currently marks the “neckline” for the pair. If it does break above the level, then we could be looking at a move up to the 1.7600 area of interest.
I you don’t think that the pound will bounce against the Loonie, though, then you could also wait for the pair to make new lows and then trade a possible downside breakout.
Whichever bias you choose to trade, make sure you practice good risk management, aight?
Touchdown! NZD/JPY has hit the 76.00 major psychological level, which is right smack at a descending triangle support on the daily chart.
What makes the setup more interesting is that the level is holding as support just as stochastic looks like it’s about to take off from the oversold region.
Think the Kiwi will soon gain ground against the yen? Buying at current levels would give you a good reward-to-risk ratio especially if you aim for the triangle resistance near 78.00.
If you’re one of them Kiwi bears, though, then you could also wait for a downside breakout. Just make sure you’re also prepared in case we see a fakeout!