Whattup, forex brothas! Today we’re lookin’ at not one, but TWO currency cross setups that could make you pips for the rest of the week. Check them out!
Who else has been watching EUR/JPY’s downtrend? If you wanna get in on the action, then y’all should pay attention to a potential bounce to the 123.00 major psychological handle.
As you can see, that’s right around a 50% Fib retracement, 100 SMA, and a falling trend line that hasn’t been broken since late April.
The pair has yet to test the level, though, so you still have time to whip up your trading plans if you’re planning on jumping in on the euro’s demise.
Think the euro will more likely bounce than see further losses? No worries, you can always watch the trend line and the SMA and build a strategy around an upside breakout.
Whichever bias you choose to trade, make sure you’re using your best risk management practices, aight?
Here’s a simple resistance play for ya! AUD/CAD is having trouble trading above the .9400 psychological handle, which isn’t surprising since the level has been serving as area of interest for the bulls and bears since late last year.
Those who think that the last candlesticks point to a retest of May’s lows could wait for a bit of momentum before unleashing their shorts (the trade bias, not the clothing).
Meanwhile, those who believe that Aussie bulls still have momentum on their side could wait for the pair to break last week’s highs and aim for a retest of the .9600 area of interest.
Will AUD/CAD go back to its lows, or will the bulls extend its momentum to test the .9600 MaPs? Let me know what you think!