Who’s ready to trade commodity-related currency pairs?
If you are, then you’re gonna love what’s up on CAD/CHF and NZD/JPY’s charts!
Take a look at these setups:
CAD/CHF 1-hour Forex Chart by TradingView
First up is a nice and simple uptrend for CAD/CHF.
As you can see, the pair has been giving us higher highs and higher lows since mid-March.
CAD bulls can take advantage of CAD/CHF’s uptrend as the pair retests the support of an ascending channel and Stochastic leaves its oversold conditions on the 1-hour time frame.
The .6760 previous inflection point is a good place to start if you’re betting on more CAD/CHF gains.
Of course, you can also aim for the .6800 zone if you believe that the pair will go back to its monthly highs.
Not convinced that CAD will extend its uptrend against CHF? You can also wait for a clear break below the channel before placing any short or breakout orders.
NZD/JPY 1-hour Forex Chart by TradingView
Where the range traders at?
It looks like NZD/JPY is stuck between the 82.80 support and 83.80 resistance after a weeks-long upswing from the 80.50 levels.
We’re looking at the range today because the range resistance is holding despite a sharp spike earlier today.
Will the range hold again today? NZD bears can bet on a trip to the 82.80 support while placing stops just above today’s highs.
If you’re confident that NZD/JPY’s consolidation will result in the pair extending its upswing, then you can place breakout trades above today’s highs.
Good luck and good trading this one!
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