Welcome to another week of pip-making!
I know y’all are excited to get yo pips in so let’s get you set up with a range play on AUD/NZD and a cool breakout opportunity from NZD/JPY.
Get ’em while they’re hot!
AUD/NZD: 4-hour
Bounce alert! AUD/NZD is about 25 pips from the 1.0725 zone that has been raining on the bears’ parade since late April.
Let’s see if the bounce has momentum.Bulls can take advantage of the current upswing and then aim for inflection points like the 1.0770 mid-range levels near the 100 SMA or the 1.0815 area near the top of the range.
Meanwhile, the Aussie bears can watch out for a possible break below the range support that we’ve marked.
Whichever bias you end up trading, make sure to practice good risk management moves like Elon will soon tweet about your currency pair!
NZD/JPY: Daily
Who’s up for a breakout?
If you are, then you’re gonna love that NZD/JPY is flirting with the 79.25 ascending triangle resistance that’s been around since late February.
You can wait for a clear break and maybe some momentum above the triangle resistance if you’re thinking of buying the Kiwi against the yen.Feel like it’s not yet time to buy you some NZD/JPY? You can also wait for a retest of the trend line support before you play around with long trade orders.
If you’d rather sell the comdoll against the safe-haven, though, then you gotta make sure that NZD/JPY has broken below the trend line support before you aim for areas of interest like 76.00 tr 74.00.
