Whether you like trading the majors or you like to dabble in currency crosses, I got your back with these hot swing trade opportunities on EUR/USD and NZD/CHF. Check them out!
First up is a nice and simple trend trade on EUR/USD. See, the pair is trading below the 1.1300 major psychological level that happens to sit around the 38.2% Fib, mid-channel lines, and previous support level on the 4-hour chart.
The 1.1325 area is also a good level to watch, though, since it’s closer to the 61.8% Fib retracement, the 100 and 200 SMAs, and the top of the chart’s descending channel.
Will the bears pounce at 1.1300? Or are they waiting for a bit more upside momentum?
Y’all can place small positions at current levels if you think that EUR/USD’s current prices will soon head lower.
If you’re confident that it will see some buying before it extends its downtrend, however, then you could also wait for the pair to hit the higher Fib levels and jump in at the earliest signs of bearish momentum.
Good luck trading this one, brothas!
Breakout alert! NZD/CHF looks like it’s about to break out from an ascending triangle resistance that hasn’t been broken since late January.
What makes this setup more interesting is that stochastic is chillin’ in the overbought territory, which could attract enough bears to drag the Kiwi back down to the triangle pattern.
Are we looking at a legit upside breakout over here? A long trade at new monthly highs is a good idea if you believe that the New Zealand dollar is gearing up for some serious bullish run.
If you’re on the “fakeout” team, however, then you could also wait for NZD/CHF to close some candles below the triangle resistance and start positioning your trades for a potential move back to the SMAs or even the rising trend line support.
Whichever bias you choose to trade, make sure you have your trading plans mapped and you stick to them!