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Ready for another day of trading them charts?

Today we’re looking at CAD/JPY‘s triangle pattern and a potential support level on EUR/AUD.

Which setup will likely yield more pips?

CAD/JPY: 4-hour

CAD/JPY 4-hour Forex Chart
CAD/JPY 4-hour Forex Chart

CAD/JPY is having trouble trading above 76.75, which isn’t surprising since the bears are probably aware that it lines up with a descending trend line that has been solid since mid-March.

Can Loonie bears maintain their momentum? Shorting at current levels would provide the best reward-to-risk ratio especially if CAD/JPY drops back to its 75.50 triangle support.

If you’d rather buy the Loonie against the yen, however, then you’ll want to watch out for a break above the trend line and aim for potential visits to the 77.25 or 78.00 previous areas of interest.

EUR/AUD: Daily

EUR/AUD Daily Forex Chart
EUR/AUD Daily Forex Chart

A couple of days ago we talked about EUR/AUD finding support at 1.6550 on the daily time frame.

Well, I hope you jumped in! As you can see, EUR/AUD jumped back to just under 1.7200 before gravity pulled it back down.

Right now the pair is back to retesting the area of interest, which lines up with the 200 SMA on the daily time frame this time around.

Can the euro pull another upside swing? Buying at the first signs of bullish momentum would make for a good trade especially if you place your stops just under the 200 SMA.

Not sure about the euro gaining on the Aussie in the next few days? You can also wait for a clear break below the 1.6550 and 200 SMA zone and then target 1.6300 or even 1.6100.

Markets wait for no one so y’all better make your trading plans ASAP if you want to make pips from this price action!

Forex Chart Settings:

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