Welcome to the middle of the week, friends! Get over the hump with these hot forex trading opportunities you’ll want to trade on NZD/USD and EUR/JPY!
Those who bought NZD/USD when it bounced from the 1-hour range support will love that the pair is now a hair’s breadth away from the .6675 handle that marks the range resistance area.
Think it’s time for Kiwi to give back some pips? Stochastic sure suggests so. Shorting at current levels would give you a great reward-to-risk ratio especially if NZD/USD drops back to the .6500 range support.
If you feel like Kiwi bulls aren’t done buying up the comdoll, though, then you could either wait for a bit of bearish momentum before committing to a short or wait for a break above the range and aim for the next possible resistance near .6775 and .6830.
Watch this one closely and see if you can make pips from the setup!
EUR/JPY is about to retest the 122.25 level that’s right smack at the 200 SMA and a descending triangle resistance on the 4-hour chart.
Are we looking at further losses for the euro? Or is it time for the common currency to break higher?
Shorting at the earliest signs of bearish momentum is a good idea especially if you think that the euro will fall back to its 121.00 support.
Think the euro will see upside breakout instead? You might want to wait until EUR/JPY breaks above the trend line and 200 SMA before you place any long orders. Of course, it won’t hurt if the 100 SMA happens to cross above the 200 SMA at the time.
That’s it for me today but I want you checkin’ new setups with me tomorrow. That means y’all better practice your best risk management moves and trade for another day if you’re planning on hitting any of these setups!