Rise and shine, forex brothas! Today we’re playin’ around with hot trend and range setups on NZD/JPY and GBP/NZD. See if you can make pips with these charts!
NZD/JPY is chillin’ like a villain around the 72.75 handle, which is right smack at an ascending channel that hasn’t been broken since early July.
Take note that the pair is trading below the 100 SMA but has yet to break the 200 SMA mark.
Will the channel floor be enough to support the Kiwi? Or will bears aim for a 200 SMA test before they hand control over to the bulls?
I’m not seein’ any bullish momentum yet, so y’all still have time to whip up trading plans if you’re planning on jumping in on NZD/JPY’s uptrend.
Think the pair’s trend has run its course and is ready for a reversal? Keep your eyes peeled for a break below the 200 SMA and a possible visit to the 75.45 or even the 72.20 previous areas of interest.
Whichever bias you’re trading, make sure you use your best risk management moves so you can still trade for another day no matter what happens to your positions!
Short-term plays not your thing? Here’s a long-term range for ya. GBP/NZD is now more than 100 pips away from the 1.8400 major psychological level!
As you can see, 1.8400 has been an area of interest for the pair since September 2017. Talk about a long-term relationship!
Buying at current levels would give you a hot reward-to-risk ratio especially if you’re in it for a possible trip back to the 1.9600 range resistance.
Not feeling the love for the pound? That’s alright, you can also trade a downside breakout as soon as GBP/NZD breaks below the December 2018 lows near 1.8130.
Watch this one closely, folks!