Welcome to mid-week trading, forex brothas!
Which setup would you rather trade?
USD/JPY: 1-hour50% Fib retracement and the 100 SMA on the 1-hour chart.
Here’s one for the range traders out there! NZD/USD is flirting with the .6000 MaPs, which is right smack at a range support that’s been containing the bears since late April.This time around there’s also a low key divergence on the 1-hour time frame. Question is, will it lead to a Kiwi bounce?
Buying at the first signs of bullish pressure would yield a good reward-to-risk ratio especially if .6000 holds as range support.
Feel like NZD/USD is due for a downside breakout instead?
That’s aight, you can also wait for a break below .6000 and then maybe aim for retests of the .5950 or .5925 previous support areas instead.
Watch this one closely, yo!