Whether you like trading the majors or popular comdoll pairs, I got yo back with these fun swing trade opportunities on USD/JPY and NZD/USD. Get ’em while they’re hot!
USD/JPY is a few pips away from the 109.00 major psychological handle, which lines up with a range resistance that hasn’t been broken since June.
What makes the setup interesting today is that there might also be a bearish divergence on the 4-hour chart. Think it will be enough to bring the bears to USD/JPY’s yard?
Shorting at current levels would give you a good reward-to-risk ratio especially if you aim for the previous support zone near 107.00.
If you think that the dollar will see more gains against the yen, though, then you could also wait for a break above the 109.00 level that we’re watching and aim for an upside breakout play.
Whichever bias you choose to trade, make sure you use your best risk management techniques like you’re trading your last trade!
Here’s one for the trend traders out there! NZD/USD is chillin’ like a villain just above .6600, which is right smack at an ascending channel support on the 4-hour time frame. What’s more, it also lines up with an area of interest from as far back as late May!
Can Kiwi bulls extend their run this week? Buying at the first signs of bullish momentum is a good idea if you’re betting on further gains for the Kiwi.
If you’d rather short the comdoll or buy the Greenback, though, then you might want to wait until the pair makes a convincing break below the channel. Of course, your case would get stronger if the 100 SMA also happens to cross below the 200 SMA.
It doesn’t look like NZD/USD is going anywhere for now. That means y’all have time to whip up trading plans that would gain pips no matter where the pair goes in the next couple of days!