Chart Art: Trend Retracement Opportunities on AUD/JPY and GBP/AUD

Who’s ready to trade comdolls today?

If you are, then you’ll love the daily charts that I’ve got lined up for ya!

See if you can make pips from AUD/JPY‘s Fib retracement and a trend line support on GBP/AUD.

AUD/JPY: Daily

I spy with my eye a couple of sexy dojis on AUD/JPY’s chart!

What makes the candlesticks more interesting today is that they popped up just below the 69.00 major psychological handle, which is also around a 61.8% Fib retracement on the daily time frame.

Think Aussie bears are about ready to attack? Shorting at the first signs of bearish momentum would make for a good trade especially if you place your stops just above the Fibs and aim for the previous lows near 60.00.

If you’d rather buy the Aussie against the yen, then you’ll want to wait until it makes new April highs before you at least consider a breakout trade.

Good luck and good trading this one!

GBP/AUD: Daily

Here’s another one for the trend warriors out there! GBP/AUD is about to hit the 1.9500 zone, which is a hair’s breadth away from a trend line AND 100 SMA support on the daily time frame.

Buying at current levels would provide the a good reward-to-risk ratio especially if GBP/AUD pops back up to its highs above 2.0000.

If Aussie bears maintain their momentum, however, and GBP/AUD ends up breaking below the trend line that hasn’t been broken since July 2019, then you’ll want to check out the 200 SMA or the 1.8800 handle as potential profit targets.

What do you think? Which way will GBP/AUD go?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line