Who’s up for taking swing trades today? I hope you are, because these forex setups on EUR/USD and NZD/JPY are too good to miss. Check it!
EUR/USD is chillin’ like a villain on the 1.1675 area, which lines up with not only a mid-range support, but also the 100 and 200 SMAs on the 1-hour time frame.
What makes this setup more interesting is that stochastic is flashing an oversold signal. Question is, will the bulls act on these signals?
Buying at the earliest signs of bullish momentum could get you decent pips especially if the pair ends up starting an uptrend. The 1.1800 psychological level is a good target, though you could also aim for resistance levels near 1.1975.
Watch this one closely, fellas!
After breaking a long-term triangle a couple of trading sessions ago, NZD/JPY is back at the 76.00 major psychological handle.
Are we looking at a break-and-retest scenario over here? Stochastic’s overbought signal and the SMAs right above current prices could entice the bears to attack until price hits its previous lows near 74.00 or even last year’s lows near 72.75.
If you’re planning on hitting this one, then better make sure you have wide stops, aight? Remember that yen crosses like these can see volatility like nobody’s business!