Whether you like trading major dollar pairs or comdoll pairs, I got yo back with a trend play on USD/JPY and a potential breakout on AUD/USD. Get ’em while they’re hot!
USD/JPY is lollygagging around the 111.00 major psychological handle, which is right around the rising channel support AND the 200 SMA on the 4-hour chart.
Buying at the earliest signs of bullish momentum could get you a good reward-to-risk ratio especially if you believe that the dollar will pop back up to its 113.50 previous highs.
If you’re one of them dollar bears, though, then you could also wait for a break below the channel support that we spotted and trade a downside breakout instead.
Good luck and good trading!
Here’s one for my breakout brothas out there! AUD/USD is bouncing from what looks like a double bottom pattern on the daily chart.
The .7450 mark is serving as the “neckline” at the moment. Keep your eyes on .7500 though! As you can see, the major psychological handle lines up with a falling trend line that hasn’t been broken since February.
Will the Aussie catch a break anytime soon? We’ll know soon enough if the bulls have enough muscle in their hustle to break above the resistance levels that we’ve spotted, so make sure you’re ready with your trading plans if you’re planning on trading this pair!