Top Five Trade Setups Worth Taking Today!
Arslan Butt • 1 min read
Happy Friday my FX friends. Considering the ongoing geopolitical tensions, macroeconomic events and the latest news of the massive earthquake in Mexico causing a threat of hazardous tsunami waves is resulting in dramatic fluctuations in the market. Take a look at some quick trade ideas for today.
Top Five Potential Trade Opportunities
We need to keep in mind that all of a sudden, investors are switching towards safe haven assets such as Gold and the Japanese Yen. The most recent catastrophe is the earthquake in Mexico which is causing threats of a Tsunami.
Nikkei – Previously, the trading signal on Nikkei has done very well. Today, I'm looking to take a buy position at $19140 with a stop below $19080 and take profit at $19350.
GBP/CHF – The pair is oversold and extending a buying signal. We can try a buying above $1.2370 with a target of $1.2450 and a stop loss of $1.2335.
WTI Crude Oil – I'm placing my sell limit at $49.90 with a stop above $50.35 and take profit at $48.65.
GBP/JPY – I just opened a buying signal above $141.400 with a stop below $140.900 and take profit at $142.600.
NZD/USD – Kiwi is about to form a triple top against the US dollar at $0.7345 and that's where we can try selling it for 40-50 pips. The stop needs to be at $0.7385.
Traders, as you know the market is really risky these days due to sudden changes in the fundamentals, it's highly suggested to follow the strict Risk Management Strategies in each of your positions and never expose yourself more than 1% in any trade. Good luck!