It’s Friyay, y’all! I hope you’re in the mood to end your week with comdoll crosses because EUR/AUD and NZD/CAD’s trend and breakout setups are too good to miss!
Looks like the .9000 major psychological mark is still too hot for the bulls to handle! The pair is having trouble breaking above the level, which isn’t surprising since it also lines up with a falling channel resistance on the 1-hour time frame.
Stochastic isn’t favoring a side right now, but the 100 SMA crossing below the 200 SMA could give the bearish momentum a bit of legs. Take note, however, that there’ also pennant-like pattern on the chart, which would spell a nice upside breakout if the pair breaks past the .9000 MaPs.
The .8800 – .8900 area is a good place to target if you’re planning on taking advantage of the downtrend. But if you think that Kiwi will soon leave the Loonie eating dust, then you could also wait for an upside breakout that you could jump into.
Keep an eye on this one, will ya?
Breakout traders huddle up! EUR/AUD is lollygagging around the 1.5000 major psychological handle, which is right around an ascending triangle resistance on the daily time frame.
A break above the pattern could take the pair back to its 1.5250 or even 1.5500 areas of interest, while a downside break could drag if back down to the 1.4500 – 1.4600 zone.
Whichever direction you favor, make sure you practice good risk management when you do take your trades. Currency crosses like these tend to be more volatile than the majors, so y’all better keep close tabs on your open positions!