Who’s up for some currency cross trades today?
Trend traders huddle up!
CAD/JPY just bounced from the 78.50 minor psychological level and looks set to retest a descending trend line resistance that hasn’t been broken since mid-September.Will CAD/JPY extend its downtrend today? Bears can wait for an actual trend line retest and maybe place their stops just above the 100 SMA if they believe that the Loonie will break below its descending triangle.
Once CAD/JPY comfortably trades above the 100 SMA, then you can look into aiming for areas of interest like 79.25, 79.70, or 80.15.
Here’s one for swing traders out there! EUR/AUD is flirting with the 1.6550 levels, which has been keeping the bulls in check since June and has served as support back in April.Can the bears hold the fort for another day? Take note that Stochastic is already poppin’ up an overbought signal.
If you’re one of them euro bulls, though, then you’ll want to at least wait for a clear break above 1.6550 – 1.6600 before you aim for previous areas of interest like 1.6700 or 1.6880.
What do you think? Will EUR/AUD stay within its 400-pip range?