Happy six-o de Mayo, forex friends!
Let me know what you think!
If you believe that we’re only looking at a fakeout, though, then you can also wait until GBP/JPY trades above the 132.00 mark and then target areas near 133.50 or even the 135.20 range resistance.
Good luck and good trading this one!
In case you missed it, AUD/CAD recently broke above the 100 and 200 SMAs on the daily time frame.Not only that, but it has also busted through a descending trend line that has been checking AUD/CAD’s gains since late 2018!
The pair has found resistance at .9100, however, and it looks ready to retest the trend line and the SMAs.
Think the Aussie will extend its gains against the Loonie then? Or will Aussie bears dismiss the breakout and extend AUD/CAD’s long-term downtrend?