We’re looking at currency cross trades today, brothas. Check them out and see if you can bag pips from the hot forex trade opportunities on GBP/NZD and CHF/JPY!
GBP/NZD is having trouble breaking below the 2.0000 major psychological level, which isn’t surprising since it lines up with a 61.8% Fib retracement, 100 SMA support, and a previous resistance area.
Think the pound is gonna bounce against the Kiwi? A long trade at current levels could get you a good reward-to-risk ratio especially if you aim for the previous highs near 2.0450.
Just make sure to wide wide stops, aight? The pair could still dip to the 1.9800 zone closer to the long-term trend line support before seeing bullish momentum.
Crossover alert! CHF/JPY’s 100 SMA just crossed above the 200 SMA on the daily time frame, which is convenient since the pair also just hit the 113.50 area of interest that has been serving as support and resistance (trend line support in this case) since November 2016.
Thinkin’ of buying this one? The 117.00 previous resistance is a good target as any especially if you place your stops just below the trend line support on the chart.
If you’re one of them yen bulls, though, then y’all might want to wait for a break below the trend line and aim for the areas of interest near 111.85, 110.80, and 109.50 instead.
Good luck and good trading!