Can you believe we’re already saying goodbye to another trading week? End the week on the strong note with these hot forex trading opportunities on GBP/NZD and NZD/JPY!
Remember that triangle breakout that we were eyeing a few days back? Well, GBP/NZD DID break above the pattern!
Thing is, it also encountered strong resistance at the big 2.0000 level. It’s now chillin’ like a villain around 1.9750, which isn’t far from the 1.9500 triangle resistance area.
Think we’ll see a break-and-retest situation here? GBP/NZD has a few hundred pips to go before actually touching the previous resistance, so y’all might want to get ready in case it doesn’t drop back to 1.9500 before jumping back up.
If you’re not feeling the love for the pound, then you can also take advantage of GBP/NZD’s current bearish momentum and get out as soon as you see the first signs of bullishness.
Watch this one closely so you can catch when the bears hand over the reins to the bulls!
Support alert! NZD/JPY is sporting a potential morning star pattern around the 72.50 area.
If you squint at the chart, you’ll see that the level lines up with a range support that hasn’t been (successfully) broken since August last year.
Buying at current levels would give you a good reward-to-risk ratio especially if the Kiwi bounces back up to its 77.75 range resistance or even the 75.00 mid-range levels.
Not a fan of the Kiwi? That’s ayt, you can also short NZD/JPY if it ends up breaking below the range. In this case, you can aim for the previous lows just above 69.50.
What are you waiting for? Draw up your trading plan before this pair goes up or down without ya!