Whether you like trading short or long time frames, I got your back with these range and breakout plays on NZD/USD and EUR/GBP. Get ’em while they’re hot!
First up is a nice and simple range play on NZD/USD. The pair is having trouble making new lows below the .6725 area, which marks the bottom of a range that has been solid since the start of the month.
Will the bulls attack now that stochastic is making higher lows near the oversold territory? Buying at current levels could get you decent pips especially if you aim for the previous highs near .6850.
If you’re one of them Kiwi bears, though, and you think that the 100 and 200 SMAs will cramp the bulls’ style, then you could also wait for NZD/USD to break below the range support and trade a downside breakout instead.
Breakout alert! EUR/GBP’s last daily candle just saw a close above the .8950 psychological handle, which means that the pair has officially made highs not seen since late October 2017.
Are we looking at a breakout over here? The daily candle isn’t hinting at a loss of momentum, so it makes sense to ride a possible breakout play.
If you’re not too sure of the euro’s rise against the pound, however, then you could also wait for a retracement of the strong move that we’ve been seeing and aim to enter at a retest of the .8950 resistance instead. You could also enter at a bearish momentum if you believe that we’re seeing a fakeout.
Whichever strategy you choose to implement, make sure you don’t place tight stops! Currency crosses (and longer time frames) can see volatility like nobody’s business, so y’all make sure you don’t get stopped out by little wiggles!