Who else is trading these currency pairs right now?
Check out the setups that I’ve spotted!
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!
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.
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?