Whether you like trading short or longer-term time frames, I got yo back with these hot forex trade setups on AUD/NZD and AUD/CAD. Check it out!
AUD/CAD has bounced from its .9420 lows and is now pausing around the .9500 major psychological handle.
And why not? Aside from the 38.2% Fib retracement just hanging above the level, it’s also near the 100 SMA on the 4-hour chart. What’s more, stochastic is flashing an overbought signal!
Shorting at the earliest signs of trend continuation is a good idea if you believe that AUD/CAD will hit new lows over the next couple of days.
Of course, you could also wait for a deeper retracement if you’re convinced that the bulls can still push it higher before the bears REALLY step up their game. Whichever strategy you choose to trade, just make sure you practice good risk management, aight?
Here’s one for the retracement playas out there! AUD/NZD has just found support at the 1.1100 psychological level, which was also near the 50% Fib retracement, 100 and 200 SMAs, and a previous area of interest for the pair.
Are the bulls just catching a breather? Keep your eyes peeled for another bullish run that could take AUD/NZD above the 1.1200 previous highs!
If you’re one of them bears, however, then you could also wait for the pair to break below the SMAs and the 1.0850 handle before placing your orders.