We’re hitting up comdoll crosses today, fellas! Check out these hot long-term trends and ranges on EUR/AUD and NZD/CAD!
First up is a nice and simple range play on NZD/CAD. The pair is currently chillin’ like a villain just above the .9200 major psychological handle, which isn’t surprising since the area hasn’t been broken as support since July last year.
Stochastic has just left the oversold territory, so the bulls might pay attention over the next couple of days. A bounce from the support level could take the pair to the .9450 mid-range or even the .9650 range resistance levels.
If you’re one of them Kiwi bears or Loonie bulls, though, then you might also want to wait for the pair to break below the major support area and trade a downside breakout instead. Just make sure you place wide stops on currency crosses like this, yeah?
Here’s one for countertrend traders out there! EUR/AUD is headed fast towards the 1.4350 minor psychological handle, which is right smack at a 50% Fibonacci retracement, an SMA crossover, AND a mid-channel level of a falling channel.
Will the euro see a bounce against the Aussie this week? Stochastic has just reached the oversold region, so it’s possible that the bears could run out of steam.
If the pair does see a bounce from the support area that we’re watching, then we might see a move back to its Q2 2017 highs near the 1.5000 psychological area. Countertrend trading isn’t for everyone, though, so y’all make sure you have a tight trading plan if you’re buying the pair.