If you’re vibin’ like Riton and Nightcrawlers and you’re celebrating that it’s Friday again (then Saturday, Sunday, what?) then you’re gonna love the easy peasy setups that I’ve spotted for you!
Think you can make pips from these charts before the week ends?
If you missed the SMA/channel play that we spotted a couple of days back, don’t worry!EUR/CAD is giving us another pullback as it sits at the 1.4725 zone near the channel support that hasn’t been broken since mid-May.
A long trade at current levels would give you the best risk ratio if EUR/CAD ends up back to its 1.4800 May highs.
Before you buy the euro like there’s no tomorrow, though, you gotta make sure that we won’t see a downside breakout instead. Consolidations can break in either direction, remember?
A clear break below the trend line support could lead to a trip back to the 1.4675 or 1.4650 previous support levels.
I spy with my eye a lowkey breakout for USD/JPY! The pair is now trading above 109.70, which hasn’t happened since early April.Does this mean that USD/JPY is ready for more gains? The 110.30 previous resistance or the 111.00 major psychological handle are good short-term profit targets if USD/JPY extends its current upswing.
If the breakout that we’re seeing turns out to be a fakeout, however, then you should also be ready for USD/JPY dropping back inside its 110-pip range.
You could aim for the 109.30 inflection point or the 108.75 previous support depending on the strength of the dollar’s downside momentum.
Good luck and good trading errbody!