Can you believe it’s already the last trading day of the week? If you feel like putting up long-term trades on the crosses today, then I got yo back with these hot forex trade opportunities on NZD/JPY and EUR/AUD!
First up is a nice and simple trend trade on NZD/JPY. The pair just hit the 75.25 area, which is right smack at a falling trend line resistance AND the 200 SMA on the daily time frame.
A short trade at current levels is a good idea if you believe that the downtrend will hold. Take note, however, that the previous candlestick looks very bullish.
If you’re not convinced that the bulls are done moving just yet, then you might want to wait for a bit of bearish momentum before jumping in.
Of course, you can also trade an upside breakout and aim for the previous highs near 77.00 if you’re one of them Kiwi bulls.
Retracement alert! After hitting highs near 1.6300, EUR/AUD is now back at the 1.6100 psychological handle.
What makes the level more interesting is that it lines up with a broken range resistance while also marking the 38.2% Fib retracement on the daily time frame.
Stochastic has yet to hit oversold status, however, so y’all gotta be careful in trading a potential bounce.
As in most currency crosses, EUR/AUD could see a lot of volatility even if it does end up extending its uptrend.
Watch this one closely and make sure you follow your trading plan in executing your trades!