It’s all about the Aussie on today’s canvas, as we explore long-term trend and range setups on EUR/AUD and AUD/CAD. Check ’em out while they’re hot!
A couple of days ago we looked at EUR/AUD possibly getting support around the 100 SMA area. Well, that didn’t work out.
However, the pair also just sported a dragonfly doji just above 1.5450 minor psychological area that lines up with the 200 SMA AND the 61.8% Fibonacci retracement on the daily time frame.
With stochastic chillin’ like ice cream fillin’ on the oversold territory, it’s only a matter of time before some bulls pay attention.
Buying at the earliest signs of bullish momentum could give you a good reward-to-risk ratio especially if the euro pops back up to its previous highs.
If you’re one of them euro bears, though, then you could also wait for the pair to trade below the bears’ last line of defense and aim for a downside breakout instead.
Whichever bias you choose to trade, make sure you use risk management in executing your trades, aight?
Here’s one for my range-trading brothas out there! AUD/CAD just bounced from the .9625 handle, which marks the long-term range support for the pair.
Stochastic has already left oversold territory, however, so the Aussie might have trouble getting enough fans to push for a retest of the 1.0150 range resistance.
Think the Aussie is in for more gains against the Loonie? Or will the bears drag the comdoll pair to lows not seen since mid-2016?
Watch this one closely, fellas!