Happy FriYAY errbody!
I KNOW you ain’t done trading for the week because USD/CAD and AUD/JPY are poppin’ up setups that you wouldn’t want to miss!
Check these out:
USD/CAD is consolidating near a trend line support that’s been valid since mid-June.What makes its current levels more interesting is that it’s near the 100 SMA that looks ready to cross below the 200 SMA.
Can USD/CAD extend its uptrend today? Keep an eye out for bullish candlesticks, which could boost the dollar back to its August highs.
Feel like shorting the dollar instead? You might want to wait for a clear break below the trend line support before you target areas of interest like 1.2440 or 1.2360.
I don’t know if you’ve noticed but AUD/JPY is flirting with a descending channel resistance that hasn’t been broken since mid-June.But wait, there’s more! If you take a closer look at AUD/JPY’s mid-July to August trading, you’ll see that the Aussie is forming a possible rising wedge on the 4-hour time frame.
Momentum below the 81.00 zone could mean a return to July’s lows or even new Q3 2021 lows for the Aussie.
If AUD/JPY starts trading above the channel and the 200 SMA, however, then you also gotta be ready to trade a breakout that could take the comdoll to 82.50 or 84.00.