EUR/AUD is a hair’s breadth away from the 1.6110 handle, which is right smack at a range support that has been keeping the bears at bay for more than a week.
Both Stochastic and Williams %R are already signaling EUR/AUD’s “oversold” conditions on the 1-hour time frame, so it would be interesting to see if there will be enough bulls to defend another range support retest.
Buying at the range support would give you a good reward-to-risk ratio especially if EUR/AUD climbs back up to its 1.6215 range resistance.
Feel like shorting the euro this week? You can also wait for a clear break below 1.6100 and aim for a potential drop to the 1.6025 previous area of interest.
Whichever bias you’re trading today, make sure you HAVE a trading plan and that you stick to it!
Trend traders huddle up! CAD/JPY is consolidating around 83.50, which hangs around an ascending channel and 200 SMA support on the 4-time frame.
The pair’s current levels looks hot for a long trade if you believe that CAD/JPY will extend its downtrend all the way to new monthly highs.
If you think that this week’s “breakout” below the trend line is actually legit, though, then you can also wait for the Loonie to break below its weekly lows before you eye potential profit targets like 82.50 or 82.10.
Good luck and good trading this one!