Welcome to the last trading day of the week! Get yo last-minute pips with these hot trend and triangle setups on AUD/USD and CAD/JPY!
Aussie bulls have been making pips rain in the past couple of days boosting AUD/USD from its consolidation near .6700.
The pair is now headed fast towards the .6850 area, which lines up with a 50% Fibonacci retracement, the mid-channel line, AND a previous support on the daily time frame.
Are Aussie bears waiting around the level? Or can the bulls keep the party going until AUD/USD hits the channel resistance closer to the 100 and 200 SMAs?
I’m not seeing signs of weakness on the current bullish trend or any sign of bearish pressure, so y’all might want to wait and see where AUD/USD might turn around to continue its longer-term downtrend.
A couple of days ago we talked about CAD/JPY’s 80.00 holding strong like it’s yo grandma’s favorite purse.
Well, the bulls finally made their play this week! CAD/JPY is now close to hitting the 81.50 handle, which is right around the 100 and 200 SMA on the daily time frame.
Will CAD/JPY hit 81.50 – 82.00 levels? Loonie bulls don’t seem ready for a breather just yet, so it’s still possible.
If you’re planning on shorting anywhere near the falling trend line, then the 80.00 descending triangle support zone is your best target area. You can also place stops just above the trend line and the 200 SMAs but y’all gotta know that comdoll crosses like these see volatility like nobody’s business!