Can’t get enough of trading comdolls this week? I got yo back with these hot forex support and resistance levels on EUR/CAD and AUD/CHF. Check out what I have on their daily charts!
Remember the retracement play that we were looking at a few days ago? Well, looks like it’s put up or shut up time for the bulls! EUR/CAD is now at the 1.5550 levels, which marks the 50% Fibonacci retracement on the daily time frame.
What makes the level more interesting is that it lines up with a solid resistance from 2017 AND a 100 SMA retest on the chart. Not only that, but stochastic is also poppin’ up an oversold signal!
Think the euro is set to bounce against the Loonie? Buying at the earliest signs of a bullish momentum could get you a sweet reward-to-risk ratio especially if the pair goes back up to its 2018 highs.
If range-trading is more your speed, then this one is for you. AUD/CHF is heading towards the .7450 – .7550 area, which is right smack at a mid-range resistance on the daily time frame.
With stochastic almost in the overbought territory, you can bet your pips (with proper risk management, of course) that other traders are already watching this one.
Shorting at the mid-range levels could get you about 150 pips or so if the pair ends up going back to its February lows. Just make sure you place a wide enough stop, aight? After all, currency crosses like these can see volatility like nobody’s business!