Whattup, forex geeks!
Which setup will you most likely trade?
A coupla days ago we talked about AUD/CHF forming a possible ascending triangle around a key resistance.Well, the bears aren’t done playing just yet! AUD/CHF is now down by about 200 pips since hitting the .7225 resistance and it looks like it could be headed for the .6900 zone closer to the 38.2% Fib, 100 SMA, and previous inflection point.
Aussie bulls can start looking for opportunities to buy the comdoll if or when AUD/CHF hits the .6850 – .6900 zone. As you can see, the area is near the trend line and Fib retracement support levels.
April’s highs is a good level to target but you can also adjust your positions to stay in the game in case AUD/CHF makes new 2021 highs.
Breakout alert! In case you missed it, NZD/CAD has broken below an ascending channel support that hadn’t been broken in a year.Bulls and bears are watching NZD/CAD today because the pair is close to retracing back to the broken trend line that lines up with a 38.2% Fib retracement AND the 200 SMA on the daily time frame.
Think we’re about to see a support-turned-resistance drama over here? Kiwi bears can wait for a trip to the Fib zones and then aim for NZD/CAD possibly making new 2021 lows in the next couple of weeks.
But what if NZD/CAD pops back up to the channel? Look out for momentum above the big .9000 handle, which could take NZD/CAD back to its January levels.