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Welcome to mid-week trading, errbody!

Get your charting fix by checkin’ out these short and long-term retracement trades on USD/JPY and AUD/NZD.

Get ’em while they’re hot!

USD/JPY: 1-hour

USD/JPY 1-hour Forex Chart
USD/JPY 1-hour Forex Chart

USD/JPY is having trouble making new weekly highs around the 105.00 major psychological handle.

And why not? The MaPs is not only a hair’s breadth away from the 50% Fib but it also lines up with a support level from August.

Will the dollar continue to weaken against the yen? Buying at current prices is a good play if you’re not confident that the scrilla could reach the 105.25 level that marks the actual August support.

Not too sure about shorting the dollar? That’s aight, you can also wait for a bearish momentum before you place them short orders.

If you can swear on Robert Pattinson’s new accent that the dollar isn’t done making pips against the yen, then you can also buy as soon as the pair trades above the 200 SMA and then target potential areas of interest near the 106.50 levels.

AUD/NZD: Daily

AUD/NZD Daily Forex Chart
AUD/NZD Daily Forex Chart

Divergence alert!

AUD/NZD is consolidating around the 1.0800 major psychological handle. Oh, and it’s also right smack at a 50% Fib and is just above the 100 SMA support!

The cherry on top of a potential bullish play is a bullish divergence on the daily time frame.

Buying at the first signs of bullish momentum would yield the best results especially if AUD/NZD makes new 2020 highs in the next couple of weeks.

If you’d rather short the Aussie against the Kiwi, however, then you’ll want to at least wait for a clear break below the 100 SMA before you target previous areas of interest like 1.0580 or 1.0475.

Good luck and good trading this one!

Forex Chart Settings:

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