Who’s ready to get more pips? I know I am! See if you can make profits from these swing trades on EUR/USD and GBP/NZD!
Guess who’s back, back again? That’s right, EUR/USD is back in the house! And by house I mean the ascending channel support on the 4-hour time frame.
Think the channel support will hold for another day? A long trade at the earliest signs of a bounce could give you a good reward-to-risk ratio especially if you aim for the previous resistance lines near 1.1475.
If you’re not sold on a euro bounce, however, then you could also wait for a break below the support and trade a potential move down to 1.1200 – 1.1250 instead.
Whichever bias you choose to trade, make sure you practice good risk management when execute, aight?
If dollar-trading isn’t your thing, then you might want to check out this resistance play on GBP/NZD.The pair is having trouble trading above the 1.9000 mark, which isn’t surprising since the level has served as support back in March and May 2018.
A bounce lower could drag the pair all the way to its 2018 lows near 1.8150. On the other hand, a break above the 1.9000 resistance could take the pound to its areas of interest near 1.9300 and 1.9600.
What do you think? Will 1.9000 hold as resistance for another day? Or will the bulls finally have enough support to force an upside breakout?
Watch this one closely, brothas!