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We’re all about the Kiwi today as we play around with the 1-hour charts of NZD/JPY and EUR/NZD.

Who else is trading these currency pairs right now?

Check out the setups that I’ve spotted!

EUR/NZD: 1-hour

EUR/NZD 1-Hour Forex Chart
EUR/NZD 1-Hour Forex Chart

Trend alert! EUR/NZD just broke below a consolidation that happened around the 1.7450 zone.

As you can see, the minor psychological handle is also near the 100 SMA and a channel resistance that hasn’t been broken since mid-April.

Shorting at current levels would still give you a decent reward-to-risk ratio if you believe that NZD/JPY will make new June lows in the next trading sessions.

Of course, if you’re one of them risk takers and you think that NZD/JPY is due for a reversal, then you can also wait for a break above the 100 SMA and the descending channel before aiming for areas of interest like the 1.7500 and 1.7600.

Good luck and good trading this one!

NZD/JPY: 1-hour

NZD/JPY 1-hour Forex Chart
NZD/JPY 1-hour Forex Chart

After breaking below an ascending channel, NZD/JPY looks ready for some break and retest action.

NZD/JPY is about to hit the 69.25 zone, which lines up with the broken channel support AND a falling trend line resistance on the 1-hour chart.

The candlesticks aren’t showing weakness yet, though, so y’all might want to take a chill pill if you’re planning on shorting the Kiwi against the yen.

If you think that the latest “breakout” is just a fakeout, then you can wait for a break above the falling trend line and bet on the ascending channel holding again.

Think Kiwi can still see downside pressure against the yen? You can wait for a bit of bearish momentum before aiming for possibly new lows on NZD/JPY.

Whichever bias you choose to trade today, make sure you follow your trading plan and practice your best risk management moves, aight?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line