Time to put our trading caps and check out these hot forex trade opportunities on NZD/USD and AUD/CAD. Check ’em out and see if you can make pips from the charts!
Trend players huddle up! AUD/CAD is pausing at the .9990 psychological area, which is right around the mid-channel support on the 1-hour time frame.
Will the Aussie extend its uptrend against the Loonie? Buying at current levels and aiming for new monthly highs could work if you’re one of them Aussie bulls.
If you’re not sold on a bounce, though, or if you believe that the Aussie will see more selling pressure before bouncing back up, then you could also wait for a few more candles before placing your orders.
NZD/USD saw bullish momentum after bouncing from the .6850 range support. Problem is, the bulls seem to have lost steam after hitting the .7000 major psychological handle.
Is NZD/USD ready to go back down? Stochastic is certainly on the bears’ side with an overbought signal.
If you think the Kiwi could see some losses soon, then you could short at current levels and aim for the .6850 range support. Just make sure you practice good risk management when executing your trading plans!