Welcome to the last trading day of the week! Think you can get your last-minute pips with these hot trading opportunities on GBP/USD and EUR/NZD?
Cable is having trouble trading above 1.2560, which isn’t surprising since the level has been an area of interest for the pair since the start of the month.
Oh, and in case you missed it, the pair is also knocking on the 4-hour chart’s 100 SMA! Coincidence? Only if you want it to be!
Shorting at current levels is a good idea if you believe that the pound will continue to take hits against the dollar over the next couple of trading sessions.
If you’re not sure about entering at market prices, then you could also wait for a bit of momentum before you jump in.
Not feelin’ like shorting the pound these days? You can wait for GBP/USD to break above the 100 SMA mark that we’re watching and be on the lookout for an upside breakout that would take the pair to its previous highs near 1.2760.
EUR/NZD is flirting with the 1.6620 level, which is right smack at an area that has been serving as support and resistance for the pair as far back as late 2017.
Buying at the earliest signs of bullish momentum would give you a good reward-to-risk ratio especially if the pair hits its previous highs near 1.7250.
If the euro extends its bearish run, however, then fellow bears can get a pip or two from the move until it hits the 1.6300 major psychological handle.
What do you think? will the pair find support at its current levels? Or will euro bulls drag it down to the 1.6300 area before they hand the reins over to the bulls?
Watch this one closely, brothas!