Sup. Ready to get some pips? Today we’re talkin’ CAD/JPY’s triangle setup and a potential break-and-retest situation on EUR/AUD. Check them out!
Remember that triangle resistance play that we spotted a few days back? Well, it looks like the bears went to town on the opportunity!
CAD/JPY is now a few pips above the 80.00 major psychological handle, which also happens to line up with a triangle support that hasn’t been broken since the start of the year.
Will yesterday’s retest translate to a bounce? Buying at current levels would give you a good reward-to-risk ratio especially if you’re betting on a trip back to the 82.50 triangle resistance.
If you’re not sure about the Loonie gaining on the yen, though, then you could also wait for another trip back to the SMAs and trade a continuation of CAD/JPY’s downtrend.
You could also trade a break below the 80.00 support, of course, but y’all gotta make sure you have your breakout trading plans ready for that.
Breakout alert! EUR/AUD has just broken above the 1.6350 handle that has been serving as resistance from as far back as September 2018.
Are we looking at a legit breakout over here? Or is this a fakeout in the making? The pair found some resistance around the 1.6600 zone and it looks like it could go back to the 1.6350 broken resistance.
A bounce from the level could set the stage for a break-and-retest play. But if EUR/AUD continues to drop and trade comfortably below the previous resistance, then we could see the pair trade between the resistance and its 1.5900 recent lows.
Good luck and good trading this one!