Welcome to a brand spankin’ new trading week, bruhhhh! Let’s start you off with simple retracement trades on the currency crosses. See if you can get pips from these long-term charts!
Trend traders huddle up! NZD/JPY just sported a nice doji on the daily chart. What’s more, it lines up with a 50% Fib retracement, 74.50 psychological handle, AND mid-channel resistance!
Stochastic hasn’t hit overbought status just yet, but you can bet yo neighbor’s cats that other bears are already watching this one.
Shorting at the earliest signs of bearish momentum could get you in the downtrend at a good spot especially if you aim for the previous lows near 72.50.
Is EUR/CHF about to choose a trend after ranging for so long? EUR/CHF is about to hit the 1.1450 handle, which is right around the 50% Fib retracement and a broken range support on the daily time frame.
Shorting at current levels could get you a good reward-to-risk ratio especially if you believe that EUR/CHF could see new lows this year.
If you’re one of them euro bulls, though, then you could also wait for a solid return above the range support and trade a possible comeback to the 1.1900 resistance instead.
Whichever bias you choose to trade, make sure you practice good risk management in executing your trading plans!