EUR/CAD: 1-hourEuro bulls look ready to party after EUR/CAD found support at the 1.4330 area on the 1-hour time frame.
The 1.4475 handle is the level to watch as it lines up with a previous support, 38.2% Fib retracement, and the 200 SMA. Talk about the stars lining up for a bear attack!
EUR/CAD is still at least 100 pips from the level, so you still have time to design a trading plan if you’re planning on taking advantage of the setup.
If you’d rather short the euro against the Loonie, however, then you’ll want to wait for a bit of consolidation or even new February lows to confirm potential bearish momentum for the pair.
AUD/JPY: 4-hourAUD/JPY is chillin’ within a 150-pip range after breaking below an ascending channel on the 4-hour time frame.
Are we looking at a chance to jump in before AUD/JPY makes new 2020 lows?
Shorting at current levels with stops just above February’s highs would still yield a good reward-to-risk ratio especially if the Aussie drops back to 72.00 or 71.00 previous support levels.
If you’re betting that the “breakout” is actually a fakeout, though, and that AUD/JPY will return to its uptrend, then you’ll first want to see if the pair can trade above the channel support before you set up your uptrend trades.
Whichever bias you choose to trade, make sure you practice your best risk management moves so you don’t lose your hard-earned pips!