I’m serving up forex trade opportunities on the comdolls, brothas! Get over the mid-week hump by checkin’ out these hot charts on EUR/CAD and AUD/NZD!
First up is this textbook resistance play on EUR/CAD. The pair can’t seem to break above the 1.4900 major psychological handle, which is a level that has been an area of interest from the pair since 2014.
What makes the setup more interesting this time around is that an overbought stochastic signal has also popped up on the daily time frame.
Think the euro will soon lose pips against the Loonie? Based on yesterday’s candlestick, some bears are already paying attention. A bounce lower could drag the pair to 1.4550 or even close the weekend gap around the 1.4450 area.
But if the pair breaks higher, then we could be looking at a move to 1.5270 or even its 2016 highs above 1.5800. Watch the next candlestick for clues, will ya?
AUD/NZD found support at the 1.0650 mid-range area, which isn’t surprising since the level was right around the 100 and 200 SMAs on the daily time frame.
Is the pair headed for the range resistance around 1.1000? Shorter-term traders who believe so could take advantage of the hundred or so pips to go before the pair hits the price level.
But if you’re one of them conservative traders, then you could also wait for a retest of 1.1000 and maybe even an overbought stochastic signal before trading a potential range resistance play.