Whattup, forex friends!
Check these charts out!
Stochastic has already left overbought territory but I’m betting a lot of y’all are still considering shorting the Aussie especially once the bears get enough momentum.
AUD/JPY is consolidating at the 84.40 area, which isn’t surprising because the level has been limiting the bulls’ game since late March.
Shorting at current levels and targeting the 84.75 mid-range or 83.20 range support zones will yield good risk ratios for the bears.
Meanwhile, the bulls can hang around until the Aussie pops up above the range resistance. The 84.65 and 85.40 previous highs are levels to watch if you end up buying the Aussie against the yen.
Holla if you’re a trend tradah!
GBP/NZD is sitting on an ascending channel support that the bears have been respecting since December 2020.What makes the chart hotter today is that the pound is also testing the SMAs on the daily time frame.
Can GBP/NZD extend its uptrend? Pound bulls can buy at current prices for a good risk ratio, but the more conservative ones can also wait for some more bullish pressure before aiming for previous highs like 1.9800.
But what if GBP/NZD finally breaks below the channel?
Watch out for momentum below the 100 SMA, which could drag the pound to the 1.9000 or the 1.8700 previous areas of interest.