Can you believe it’s already the last trading day of the week? Get your last-minute pips with these hot setups on USD/CAD and AUD/JPY!
Where my countertrend-trading brothas at? USD/CAD is having trouble making new highs above 1.3450, which also happens to mark the resistance of an ascending channel that we spotted a couple of days back.
Think the dollar is in for losses against the Loonie? Shorting at current levels could give you a good reward-to-risk ratio especially if you think the bears can drag it back down to the areas of interest close to 1.3300.
Countertrend trading isn’t for everyone, though, so y’all make sure you’re mentally prepared to trade against the trend if you’re planning on taking advantage of this setup!
Here’s one for my range-trading friends out there! AUD/JPY just hit the 81.50 minor psychological handle, which lines up with the 100 and 200 SMAs on the daily time frame AND a mid-range support from a setup that we spotted a few days ago.
A bounce from the level could take the pair all the way to the range resistance near 84.00.
Of course, the bears could always plan a sneak attack and drag if back to the 79.00 before they give up control to the bulls.
Keep close tabs on this one, will you?