Where my comdoll-trading brothas at?
EUR/NZD and AUD/JPY’s price patterns today may be simple, but they sure look like they mean business on their 4-hour and daily charts!
Think you can sneak in pips before they bounce from their support and resistance levels?
You may ask me why I’m putting up a boring consolidation on today’s lineup. Well, in case you missed it, EUR/NZD has been ranging in a 300-ish pip range since late May! 300 pips is 300 pips, ya know?If you don’t want to miss any more range action, then you’ll want to take advantage of EUR/NZD’s long wicks just under the 1.7100 range resistance right as Stochastic hits its overbought levels.
Euro bears who would love them some Kiwi can short at current levels or at a retest of the 1.7100 psychological handle before aiming for the 1.6950 mid-range or 1.6775 range support levels.
If the bulls finally win the tug-o-pips and manage to push EUR/NZD above 1.7100, however, then you also gotta be ready to target previous resistance levels near 1.7230 or 1.7350.
Anybody up for a trend trade? AUD/JPY bulls are doing a great job of defending a trend line support that hasn’t been broken since March 2020.What makes the Aussie’s current levels more interesting today is that it lines up with a 38.2% Fib retracement of the upswing from October 2020 to May 2021 AND the 200 SMA on the daily time frame.
Can the Aussie extend its gains against the yen? Buying at the first signs of bullish candlesticks would yield a boss-level risk ratio especially if AUD/JPY jumps back to its 2021 highs.
Of course, the only sure thing in the forex markets is that there’s no such thing as a sure thing.
Make sure you also have plans in case AUD/JPY bears pounce and drag the pair below the trend line support and all the way to the 78.00 or 76.75 previous areas of interest.