Whattup, brothas! I hope you’re into trading comdoll crosses, because I’ve got hot forex setups on EUR/AUD and NZD/CAD that you wouldn’t want to miss!
EUR/AUD is retesting the 1.5650 minor psychological handle, which is right smack at a mid-range resistance on the daily time frame.
What makes the setup more interesting is that stochastic looks like it’s about to hit the overbought territory.
Think the euro is about to see losses against the Aussie? Shorting near the 100 SMA area or even at the earliest signs of bearish momentum could get you decent pips especially if you aim for the 1.5275 range support.
Don’t forget to place wide stops, though! Currency crosses like these tend to see wild volatility ranges, so make sure you leave enough breathing room for some wiggle.
Here’s one for my countertrading friends out there! NZD/CAD is hitting a wall near the .9150 area, which isn’t surprising since it lines up with not only the 100 SMA but also a mid-channel level on the daily chart.
With stochastic chillin’ like a villain on overbought territory, you can bet your pips (with proper risk management, of course) that other bears are already watching this one.
Aiming for the channel support could get you at least 100 pips if the Kiwi falls fast enough against the Loonie. But if you’re not sold on the Canadian dollar gaining ground, then you could also wait for a break above the 100 SMA and trade with the trend instead.
Whichever bias you choose to trade, make sure you practice good risk management when executing your trading plans!