We’re havin’ a comdoll special today, brothas! Check out these trend and range plays on AUD/NZD and EUR/CAD and see if you can catch pips from either of them!
AUD/NZD is seein’ a bit of bounce after hitting below the 1.0850 handle last week. Will the 1.0975 level provide some challenge for Aussie bulls out there?
As you can see, the level lines up nicely with not only the 50% Fib retracement on the 1-hour time frame, but also a previous area of interest that’s just below a falling trend line resistance.
Shorting around the potential resistance area could give you a pretty neat reward-to-risk ratio especially if you place your stops just above the trend line and aim for the previous lows below 1.0850. Just make sure you see a bit of bearish momentum before y’all jump in, aight? Aussie bulls could still push for an upside break if they get enough momentum today!
Here’s one for the range playas out there! EUR/CAD is chillin’ like ice cream fillin’ around the 1.4750 area, which is right smack at a mid-range resistance on the 4-hour time frame.
Which direction will the euro head to? The odds currently favor the bears with the mid-channel level and almost overbought stochastic signal keeping the euro contained.
Shorting around current levels could still give you a couple of pips especially if you place a tight stop above the mid-range resistance. If you’re no fan of the euro, though, then you could also wait for a breakout above said resistance area and push for a move back to its highs around the 1.5000 major psychological handle.