Whattup, forex warriors!
Today I’ve got not one, but TWO comdoll setups lined up for ya.
NZD/JPY is lollygagging around the 64.00 major psychological area, which lines up with an ascending channel support that has been keeping the bulls alive since mid-march.A long trade at the first signs of bullish pressure is a good idea if you’re betting on NZD/JPY revisiting or even surpassing its April highs.
Of course, it would be better if the 100 SMA also crosses above the 200 SMA in the process.
If you think that NZD/JPY’s downswing is only taking a breather, then you can also bet on a downside breakout.
That means shorting as soon as the pair (clearly) breaks below 64.00 or maybe even retesting the level after a strong downside move.
After rocketing to the 1.9800 levels, EUR/AUD has taken a chill pill and has gone back down to the 1.7100 area.Wondering why the bears are having trouble around 1.7100? It’s because it lines up with a resistance of a channel that had kept the bulls at bay from October 2017 to February 2020.
Can the bears extend their momentum all the way to the 1.6200 support near the 100 SMA?
Or will the bulls take the reins and push for a break-and-retest play that would take EUR/AUD back to the 1.9000 area?
Watch this one closely, yo!