Not feeling like trading the dollar today? I got yo back with these hot forex trading opportunities on AUD/JPY and NZD/CAD!
After finding support at 74.50, AUD/JPY is now hovering just below the 74.90 levels.
As you can see, the area is just below the 100 SMA on the 1-hour chart as well as a trend line that hasn’t been broken since last week. The cherry on top of this sweet setup is a potential bounce from a 50% Fib retracement.
Can the bears sustain their bearish momentum? AUD/JPY hasn’t shown signs that it’s ready to drop back down just yet, so the pair could still make a trip to the trend line or the 61.8% Fib near 74.90 before resuming its downtrend.
If you don’t think that the Aussie has seen its best prices this week, though, then you could also short at market and aim for at least this week’s lows.
Just don’t forget to place wide-ish stop losses, aight? Yen crosses like these tend to see more volatility than the majors, so y’all better make sure you’re protected in case we see wild price swings!
Range traders huddle up! NZD/CAD looks ready to bounce after falling to a hair’s breadth away from the .8650 zone.
As you can see, the minor psychological area lines up with a range support that hasn’t been broken since mid-June.
Buying at current levels would give you a good reward-to-risk ratio especially if NZD/CAD ends up poppin’ to the .8890 range resistance.
Not sure about Kiwi gaining pips on the Loonie? That’s aight, you can also wait for a convincing break below July’s lows and set up your best breakout plays.
Whichever strategy you choose to execute, make sure you practice your best risk management moves, mmkay?