Whattup, forex peeps? I hope you got your comdoll charts ready because we’re looking at AUD/CAD and GBP/NZD’s hot trends today. Check it!
AUD/CAD is having trouble trading below the .9400 handle, which isn’t surprising since it’s below an ascending channel support. Not only that, but it’s also right around the 100 and 200 SMAs on the 1-hour chart!
Buying at current levels would give you a good reward-to-risk ratio especially if the Aussie pops back up to its previous highs near .9475.
If you’re not convinced of the Aussie’s strength, though, then you could also wait for a bit of momentum before jumping in.
But if you’re planning on SHORTING the pair, then you might want to wait until AUD/CAD breaks below the short-term channel before you enter your breakout trades.
Whichever bias you’re trading today, make sure you use stop losses when you put in your orders!
GBP/NZD looks like it’s heading fast for the 1.9050 area, which has been serving as support and resistance since the start of the year.
This time around, the level is also conveniently near the channel resistance as well as the 100 and 200 SMAs on the 4-hour time frame.
Think the pound will extend its losses against the Kiwi? The pair is still a few pips away from the potential resistance level, so y’all still have time to make your trading plans if you’re thinking of trading this one.
Pound bulls can take advantage of the momentum and get a pip or two (of fifty) until the current uptrend shows exhaustion. Meanwhile, the bears can start placing orders around the significant areas of interest in anticipation of an extended downtrend.
Not comfortable trading currency crosses today? Don’t worry, you can always stay on the sidelines.