Currency cross traders huddle up! I’ve spotted short and long-term forex setups on EUR/JPY and AUD/CAD that you wouldn’t want to miss. Think you can make pips from these charts?
After hitting resistance at the 1.0200 handle, AUD/CAD looks like it has gained bearish momentum.
The 1.0150 handle is a good level to look at in this case, as it’s near the 100 and 200 SMAs as well as a rising channel support on the 1-hour time frame. Stochastic has already hit oversold levels, though, so you can bet that other bulls are already watching this one.
A long trade at the earliest signs of bullish momentum could get you in on the trend that has been goin’ on since the start of the month.
On the other hand, a break below the support levels that we’re watching could give you a downside breakout opportunity that you wouldn’t want to miss.
Watch this one closely, brothas!
EUR/JPY was just rejected at the 131.50 handle, which means that the channel support that’s been valid since February 2017 has just turned into resistance.
If the pair breaks below its previous lows AND the 100 SMA edges below the 200 SMA, then we might be looking at a long-term reversal in the works. The pair has a bit to go before hitting that 129.50 low, though, so y’all still have time to whip up your trading plans.
If you don’t think that the euro will continue to lose pips against the yen, then you could also wait for a trip above that channel support and trade a continuation of EUR/JPY’s uptrend.
Whichever bias you choose to trade, make sure you practice good risk management, aight? Oh, and keep your stops wide for currency cross setups like these!