It’s Friyay, yo! I’ve spotted forex trade opportunities on USD/CAD and EUR/JPY that should set you up over the next couple of days. Check them out while they’re hot!
First up is a nice and simple trend trade on USD/CAD. The pair found support at the 1.3000 major psychological handle, which is right smack at a rising trend line AND the 100 SMA support on the daily time frame.
Buying at current levels could get you a decent reward-to-risk ratio especially if you aim for the previous highs near 1.3375.
If you’re one of them dollar bears, though, then you could also wait for the pair to break below the trend line and aim for the areas of interest near 1.2850 or even 1.2550.
Don’t even think of missing these moves, brothas!
Here’s one for my range-trading homies out there. EUR/JPY is testing the 128.50 handle, which lines up with a mid-range resistance on the daily chart.
A bounce from the level could drag the euro back down to the 125.75 range support. On the other hand, a break above the area could take EUR/JPY all the way to the 131.50 range resistance.
Which way will EUR/JPY go? More importantly, what strategy will you use in your trading plan? Whichever direction the pair chooses, make sure you’re practicing good risk management skills, aight?