Hello traders, I'm slowly going to be getting more active in FX once again. Well to start out with this pair has been one of the best defined trends I have ever traded. And the area I'm looking to get long at at previous resistance turned support around the 12.4800 area. Stops will be placed around the 12.0000 area marked by the red line. The trade targets are outlined by the green lines, with two targets total. Now you can probably see why this has been one of my favorite pairs to swing trade / position trade. Its simple and straight to the point with clear areas of support / resistance which as you may know forms the foundation of my trades.
Cheers to a new week! =)
Note: If your new to trading exotic FX pairs then my advice would be to study the fundamental reason behind the trend, certain hours when a Central Bank
interferes in the market & the scale of their currency intervention, positive / negative carry, and the hours of the day/night when the spread is the tightest (also spreads get pretty wide during off market hours so take that into account when choosing your TP's and stop-loss orders. That is just a few of the main things you need to understand when trading exotics.