Currency cross traders huddle up! Whether you’re into short-term trades or longer-term setups, I got yo back with these hot forex trades on GBP/CAD and NZD/JPY.
GBP/CAD is chillin’ like ice cream fillin’ near the 1.7350 level, which isn’t surprising since it’s right smack at the rising channel support AND the 100 SMA on the 1-hour time frame.
Buying at current levels could get you in at a pretty good spot especially if the pair pops up to its 1.7500 previous highs.
If you’re not sold on the pound gaining on the Loonie, however, then you could also wait for a break below the channel and aim for a retest of the 1.7200 or even the 1.7100 lows.
Whichever bias you choose to trade, don’t forget to practice good risk management when you execute your trading plans!
Remember the descending triangle that we’ve been looking at for the longest time? Well, it seems like the bears have another opportunity to short!
The pair is currently flirting with the 77.75 area of interest, which also happens to line up with the 100 SMA on the daily chart. Not only that, but stochastic is also flashing an overbought signal.
Think the Kiwi is about to see more losses against the yen? You could short at the earliest signs of bearish momentum and aim for the previous lows near 75.00.
If you think that the comdoll will see more gains before going back down, then you could wait for a retest of the triangle resistance and 200 SMA before executing your short trades.
Just make sure you place wide stops, aight? Currency crosses, especially on longer time frames, can see more volatility like nobody’s business.
Good luck and good trading, brothas!