We’re looking at hot support and resistance setups today, folks! Check out EUR/USD and AUD/NZD’s charts and see if you can get pips from them!
Trend traders unite! AUD/NZD is having trouble making new lows below the 1.0900 major psychological handle, which isn’t surprising since it lines up with a rising trend line support on the 4-hour time frame. What’s more, it’s also near an area of interest for the pair!
Stochastic is almost at the oversold territory, so y’all better get your trading plans ready if you’re planning on trading this setup.
A long trade at current levels would give you a good reward-to-risk ratio especially if the Aussie pops back up to its previous highs.
If you’re one of them Aussie bears, though, then you might want to place your orders well below the trend line.
Don’t forget to place your stop losses, brothas! Remember that the goal is to trade for another day!
Comdoll trading not your thing? Here’s a major pair for ya! EUR/USD is heading fast for the 1.1750 handle, which has been serving as area of interest for the pair since last year.
This time around the level also lines up with the 100 SMA on the daily chart. And with stochastic flashing an overbought signal, you can bet your pips that other traders are already watching this one.
Think the euro will see more losses against the Greenback? Shorting at the earliest signs of bearish momentum is a good idea if you’d like to get in on the action early. Just remember to manage your risks, aight?