A lack of volatility doesn’t mean that we wouldn’t see opportunities!
Get ’em while they’re hot!
Just last Thursday, we talked about EUR/GBP hanging out at a key range resistance on the 1-hour time frame.
Well, I hope you took the trade because the euro traveled the full distance of the range!Range playas who are seeing a euro bounce can take advantage of the consolidation around the range support as well as the oversold Stochastic signal AND the bullish divergence on the 1-hour time frame.
The .8700 range resistance level is a good area to target though you can also re-evaluate if EUR/GBP reaches the mid-range zone.
Feel like the euro is in for more pain against the pound? Watch out for momentum below the range support, which could lead to a revisit of the .8600 area of interest.
NZD/JPY: 1-hourNZD/JPY is having trouble trading below 77.60, which isn’t surprising since it’s right smack at the 100 SMA on the 1-hour time frame.
The 78.00 range resistance is a good initial target if you’re betting on the 100 SMA support holding in the next trading sessions.
Meanwhile, Kiwi bears would have to wait for a clear break below the SMAs AND the 77.35 mid-range support if you think that the comdoll isn’t done losing ground against the yen just yet.
What do you think? Which way will NZD/JPY go?