What’s better than a day with two currency cross setups? That’s right, a SECOND day of back-to-back currency cross trades! What do you think of these charts?
Remember that range support play that we talked about a while back? Well, it looks like it’s game time, brothas!
EUR/CHF looks like it’s ready to bounce higher after sporting a second green candle around the 1.1200 major psychological handle.
If that’s not enough to energize you, then you should see the potential bullish divergence on the daily chart!
Buying at current levels would give you a good reward-to-risk ratio (and favorable interest rate differential) especially if you aim for the range resistance near 1.1450.
Take care to keep your stops wide, though! Currency crosses tend to see more volatility than the majors, so make sure you’re not one of them losers who get stopped out early because their stops were tighter than their pants after a trip to grandma’s house!
No, you’re not having a déjà vu! In case you missed it, today’s NZD/CAD chart looks a lot like the AUD/CAD setup that we looked at yesterday.
This time around, the pair is about to hit the .8900 handle that’s been serving as support and resistance for the pair since late 2018. Not only that, but it’s also near the 100 SMA and a couple of Fib retracement levels on the daily chart!
NZD/CAD still has a few pips to go before actually testing the .8900 mark, though, so you still have time to design a trading plan if you’re planning on trading this setup.
You know what to do. Whichever bias you choose to trade, make sure you use risk management practices in your execution!